Covid-19: IMF approves immediate debt service relief to 19 African member countries

Covid-19: IMF approves immediate debt service relief to 19 African member countries

Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva has announced the approval of an immediate debt service relief t

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Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva has announced the approval of an immediate debt service relief to 25 IMF member-countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT), nineteen of which are African countries, viz; Chad, The Gambia, Guinea, Liberia, Madagascar, Malawi, Rwanda, São Tomé and Príncipe, Benin, Burkina Faso, Central African Republic, Comoros, Democratic Republic of the Congo, Guinea-Bissau, Mali, Mozambique, Niger, Sierra Leone and Togo.

The other countries are Tajikistan, Afghanistan, Yemen and Nepal in Asia as well as Haiti in North America and Solomon Islands in Oceania.

In a press release, Ms. Georgieva said; “Today, I am pleased to announced that our Executive Board has approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the coronavirus pandemic.”

“These funds are provided to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them direct  more of their scarce financial resources towards crucial emergency medical and other relief efforts.”

“The CCRT is equipped with the ability to provide about US$500 million in grant-based debt service relief, including the recent US$185 million vowed by the UK and US$100 million provided by Japan as immediately available resources. Others, including China and the Netherlands, are also stepping forward with significant contributions.

“Am encouraging other donors to assist us in replenishing the Trust’s resources and enhance further our ability to provide additional debt service relief for a full two years to our poorest member countries,” she added.