## EXECUTIVE SUMMARY

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---

### RECENT DEVELOPMENTS
- On March 26, 2020, the Executive Board approved changes to the Catastrophe Containment and Relief Trust (CCRT) enabling the Fund as Trustee to provide grants for debt service relief to its poorest and most vulnerable members up to a maximum of two years from April 14, 2020 to help tackle the COVID-19 pandemic and its economic repercussions.
- To date, the Executive Board has approved four tranches of debt service relief (three six-month tranches and one three-month tranche) to all CCRT-eligible countries with eligible debt service to the Fund falling due from April 14, 2020 through January 10, 2022.
- On October 6, 2021, the Executive Board approved a two-step approach for the final six months of the maximum two-year period following a qualifying health event:
  - (i) immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022; and
  - (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time.
- Human toll in CCRT-eligible countries:
  - Cumulative cases have reached 2.2 million while associated deaths have exceeded 43 thousand (as of Figure 1 data referenced, November 19, 2021).
- Economic toll:
  - Real GDP growth in CCRT-eligible countries is projected to remain slower than pre-COVID forecasts in 2021 and 2022.
  - Table 1 (excerpt) shows:
    - CCRT: 2019 Actual 4.2; 2020 Estimate -0.5; 2021 Current proj. 2.9; 2022 Current proj. 2.0; Change Pre-COVID proj. to Current proj. -0.7
    - LIDCs: 2019 Actual 5.3; 2020 Estimate 0.1; 2021 Current proj. 3.0; 2022 Current proj. -2.1; Change 0.0
    - EMDEs: 2019 Actual 3.7; 2020 Estimate -2.1; 2021 Current proj. 6.4; 2022 Current proj. 1.8; Change 0.4
    - AEs: 2019 Actual 1.7; 2020 Estimate -4.5; 2021 Current proj. 5.2; 2022 Current proj. 3.6; Change 3.0
    - Global: 2019 Actual 2.8; 2020 Estimate -3.1; 2021 Current proj. 5.9; 2022 Current proj. 2.5; Change 1.4
- To date, four tranches of debt service relief totaling SDR 607.5 million have been approved for all CCRT-eligible members with eligible debt service falling due to the Fund from April 14, 2020 through January 10, 2022. 31 member countries benefited from immediate CCRT debt service relief.
- IMF financial support to CCRT-eligible countries since the onset of the pandemic:
  - SDR 5.3 billion in financial assistance approved to 30 CCRT-eligible countries through RCF and RFI, new ECF arrangements, and augmentations of access under existing arrangements.
  - CCRT-eligible countries’ share of the new General SDR Allocation amounted to about SDR 5.8 billion (effective August 23, 2021).

### UPDATE ON THE ADEQUACY OF CCRT RESOURCES
- Fundraising and pledges:
  - Total grant pledges received since the onset of the pandemic amount to SDR 609.4 million, of which SDR 607.5 million have been disbursed.
  - This is below the cost of two full years of COVID-related debt service relief of SDR 690 million and below the SDR 1 billion fundraising goal.
  - No new grant pledges have been received since approval of the fourth tranche on October 6, 2021.
  - Indonesia has adjusted its existing interest-free deposit agreement to generate investment income for CCRT operations.
- Cash balances and impact of a final tranche:
  - As of November 30, 2021, cash balances in the CCRT amount to SDR 150.7 million (includes net operational income received).
  - Delivery of COVID-related debt service relief of SDR 82.1 million falling due from January 11, 2022 through April 13, 2022 would reduce the CCRT cash balance to about SDR 68.6 million, implying significant erosion of the pre-COVID cash buffer of about SDR 150 million.
- Implications of the funding shortfall:
  - With the median outstanding credit to the Fund amongst CCRT-eligible countries estimated at about SDR 213 million, the Trust would be significantly underfunded in the case of a debt stock relief under the Post-Catastrophe Relief (PCR) window should a qualifying catastrophic disaster (QCD) materialize.
  - A low cash balance would limit the Trust’s ability to disburse immediate relief in the event of future qualifying events, including multiple natural disasters or regional epidemics.
- Residual capacity after a final tranche:
  - The projected residual balance of SDR 68.6 million could cover:
    - two-year debt service relief under either window for a medium to large country case (i.e., at the 75th percentile of the distribution of potential debt relief costs), or
    - two medium country cases (i.e., at the 50th percentile).
- Legal/Instrument considerations:
  - The CCRT Instrument requires the Executive Board to “take into account the availability of resources in the Trust and the likely need of other potentially qualifying members under the Trust” when approving tranches of grants. The Instrument leaves broad discretion to the Fund in making this assessment.

### STAFF PROPOSAL AND RECOMMENDATIONS
- Given the continued severe human and economic burden of the pandemic on CCRT-eligible members, staff proposes:
  - (i) approval of a fifth and final tranche covering debt service relief to all qualified beneficiary countries covering the period from January 11 to April 13, 2022;
  - (ii) continued fundraising efforts to address the CCRT’s severe underfunding; and
  - (iii) a comprehensive review of the CCRT Instrument, tentatively planned for FY23, to assess the appropriateness of its policies and financing framework.
- Rationale:
  - The pandemic’s ongoing burden places a premium on continued CCRT debt service relief despite the significant drawdown of the pre-COVID cash buffer and limited resources remaining for other qualifying events.
  - A FY23 comprehensive review will assess experience with debt relief operations under the CCRT and the case for reforms to access rules and the financing framework, recognizing that the pre-COVID underfunding estimate of SDR 200-275 million is likely to be substantially underestimated given pandemic-related changes.

*Prepared by the Finance Department, the Legal Department, and the Strategy, Policy, and Review Department; approved by Christian Mumssen, Guillaume Chabert, and Bernhard Steinki.*

### Box 1. Overview of the CCRT Instrument

- Purpose and scope:
  - The CCRT provides grants to pay debt service owed to the Fund by eligible low-income member countries that are hit by catastrophic natural disasters or battling public health disasters—such as earthquakes, epidemics, or global pandemics.
  - The Trust has two windows: Catastrophe Containment (CC) Window and Post-Catastrophe Relief (PCR) Window.

- Catastrophe Containment (CC) Window — qualifying public health disasters (QPHD):
  - Two alternative QPHD definitions:
    - First QPHD (life-threatening epidemic within a country):
      - The epidemic has spread across several areas of the afflicted country’s territory, causing significant economic disruption and creating a balance of payments need (BoP).
      - The epidemic has the capacity to spread or is already spreading to other countries, producing or threatening significant economic disruption and loss of life.
      - Under this QPHD, the magnitude of the economic disruption that occurred and is projected to occur in the future, based on available information including preliminary estimates, normally would cause a cumulative loss of real GDP of 10 percent or more; or a cumulative loss of revenue and increase of expenditures equivalent to at least 10 percent of GDP, measured relative to staff estimates made prior to the onset of the public health disaster.
    - Second QPHD (life-threatening global pandemic):
      - Inflicting severe economic disruption across the IMF membership and creating BoP needs on such a scale as to warrant a concerted international effort to support the poorest and most vulnerable countries through substantial additional grant support and debt service relief.
  - Conditions for support under the CC Window:
    - The afflicted country should put in place appropriate macroeconomic policies to address the BoP needs created by the QPHD and the ensuing policy response.
    - May receive immediate debt relief covering eligible debt service falling due to the Fund under an initial tranche not exceeding six months from the date of the qualification decision or from the date of the Executive Board determination that a global pandemic exists.
    - Subject to resource availability, additional tranches of debt service relief may be approved to cover an overall period not exceeding two years from the date of the initial decision.

- Post-Catastrophe Relief (PCR) Window — catastrophic natural disasters:
  - Eligibility conditions under the PCR Window:
    - A catastrophic natural disaster has directly affected normally at least one-third of the population and directly affected a large portion of the member’s economy as evidenced by either:
      - destruction of more than a quarter of the country’s productive capacity; or
      - economic damage in an amount exceeding 100 percent of the member’s GDP prior to the QCD.
  - Assistance features:
    - Eligible low-income countries hit by such a catastrophic disaster would receive temporary debt flow relief on their debt service payments (principal and interest) to the Fund falling due in the two years following the disaster.
    - Unlike under the CC Window, assistance under the PCR Window would not be tranched.

- Full debt stock relief (conditions and disbursement):
  - Full cancellation of a country’s eligible debt stock to the Fund is possible when:
    - The member qualifies for debt flow relief under the PCR Window; and
    - The member has substantial BoP needs created or exacerbated by the QCD and the subsequent economic recovery efforts which are expected to persist beyond the period covered by the debt flow relief; and
    - The resources freed up by debt stock relief are critical for meeting these needs; and
    - Based on an updated debt sustainability analysis, the country faced a very high debt burden (typical case).
  - Required determinations/assurances for debt stock relief:
    - (i) Concerted efforts exist within the international community to provide similar debt relief, evidenced by satisfactory assurances regarding debt relief provided by the member’s official creditors whose debt together account for at least 80 percent of the member’s total sovereign external debt outstanding to official creditors.
    - (ii) The member provided assurances that it will cooperate in an effort to find solutions to its BoP problems and that it will refrain from inappropriate policies that could compound such problems.
    - (iii) The member has established a track record of adequate macroeconomic policies normally for a period of at least 6 months, taking into account the member’s implementation capacity.
  - Debt stock relief would be disbursed only upon these determinations.

- Eligibility thresholds:
  - Eligibility for CCRT assistance is limited to countries eligible for concessional borrowing under the Poverty Reduction and Growth Trust (PRGT) with per capita income below the International Development Association’s (IDA) operational cutoff (currently US$1,205) or, for small states with a population of less than 1.5 million, per capita income below twice the IDA cutoff (currently US$2,410).

- Table highlights — Eligible debt service relief for CCRT tranches (As of November 19, 2021; in SDRs):
  - Afghanistan, Islamic Republic of: 1st tranche (actual) (Apr 14-Oct 13, 2020) = 2,400,000; 2nd tranche (actual) (Oct 14, 2020-Apr 13, 2021) = 2,400,000; 3rd tranche (actual) (Apr 14-Oct 15, 2021) = 2,400,000; 4th tranche (actual) (Oct 16, 2021-Jan 10, 2022) = 0; 5th tranche (Jan 11, 2022-Apr 13, 2022) = 0; Two-year total (Apr 14, 2020-Apr 13, 2022) = 7,200,000.
  - Benin: 1st = 7,428,000; 2nd = 6,366,000; 3rd = 5,305,000; 4th = 2,122,000; 5th = 2,122,000; Two-year total = 23,343,000.
  - Burkina Faso: 1st = 8,737,400; 2nd = 10,295,000; 3rd = 9,650,000; 4th = 10,607,000; 5th = 255,000; Two-year total = 39,544,400.
  - Total (all eligible countries listed): 1st tranche = 183,118,357; 2nd tranche = 168,401,452; 3rd tranche = 168,069,599; 4th tranche = 87,936,318; 5th tranche = 82,054,764; Two-year total = 689,580,490.

- Table highlights — Contributions to the CCRT since March 2020 (As of November 19, 2021)
  - European Union: In millions of SDRs = 152.0; In millions of original currency (if appl.) = € 183; In millions of US$ = 212.5; Current status of contribution = Disbursed.
  - UK: In millions of SDRs = 135.8; In millions of original currency (if appl.) = £150; In millions of US$ = 189.9; Current status = Disbursed.
  - Japan: In millions of SDRs = 108.6; In millions of original currency (if appl.) = $150; In millions of US$ = 151.9; Current status = Disbursed.
  - Germany: In millions of SDRs = 66.2; In millions of original currency (if appl.) = € 80; In millions of US$ = 92.6; Current status = Disbursed.
  - France: In millions of SDRs = 33.3; In millions of original currency (if appl.) = € 40; In millions of US$ = 46.6; Current status = Disbursed.
  - Netherlands: In millions of SDRs = 20.8; In millions of original currency (if appl.) = € 25; In millions of US$ = 29.1; Current status = Disbursed.
  - Spain: In millions of SDRs = 20.7; In millions of original currency (if appl.) = € 25; In millions of US$ = 29.0; Current status = Disbursed.
  - Switzerland: In millions of SDRs = 19.5; In millions of original currency (if appl.) = CHF 25; In millions of US$ = 27.2; Current status = Disbursed.
  - Norway: In millions of SDRs = 14.5; In millions of original currency (if appl.) = NOK 180; In millions of US$ = 20.3; Current status = Disbursed.
  - Singapore: In millions of SDRs = 12.4; In millions of original currency (if appl.) = $17.6; In millions of US$ = 17.3; Current status = Disbursed.
  - Total (summed in table): In millions of SDRs = 609.4; In millions of US$ = 852.2.
  - Target: SDR 1 billion; US$1.4 billion.

*International Monetary Fund — CATASTROPHE CONTAINMENT AND RELIEF TRUST (box content and tables as presented).*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### RECENT DEVELOPMENTS
- On March 26, 2020, the Executive Board approved changes to the Catastrophe Containment and Relief Trust (CCRT) enabling the Fund as Trustee to provide grants for debt service relief to its poorest and most vulnerable members up to a maximum of two years from April 14, 2020 to help tackle the COVID-19 pandemic and its economic repercussions.
- To date, the Executive Board has approved four tranches of debt service relief (three six-month tranches and one three-month tranche) to all CCRT-eligible countries with eligible debt service to the Fund falling due from April 14, 2020 through January 10, 2022.
- On October 6, 2021, the Executive Board approved a two-step approach for the final six months of the maximum two-year period following a qualifying health event:
  - (i) immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022; and
  - (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time.
- Human toll in CCRT-eligible countries:
  - Cumulative cases have reached 2.2 million while associated deaths have exceeded 43 thousand (as of Figure 1 data referenced, November 19, 2021).
- Economic toll:
  - Real GDP growth in CCRT-eligible countries is projected to remain slower than pre-COVID forecasts in 2021 and 2022.
  - Table 1 (excerpt) shows:
    - CCRT: 2019 Actual 4.2; 2020 Estimate -0.5; 2021 Current proj. 2.9; 2022 Current proj. 2.0; Change Pre-COVID proj. to Current proj. -0.7
    - LIDCs: 2019 Actual 5.3; 2020 Estimate 0.1; 2021 Current proj. 3.0; 2022 Current proj. -2.1; Change 0.0
    - EMDEs: 2019 Actual 3.7; 2020 Estimate -2.1; 2021 Current proj. 6.4; 2022 Current proj. 1.8; Change 0.4
    - AEs: 2019 Actual 1.7; 2020 Estimate -4.5; 2021 Current proj. 5.2; 2022 Current proj. 3.6; Change 3.0
    - Global: 2019 Actual 2.8; 2020 Estimate -3.1; 2021 Current proj. 5.9; 2022 Current proj. 2.5; Change 1.4
- To date, four tranches of debt service relief totaling SDR 607.5 million have been approved for all CCRT-eligible members with eligible debt service falling due to the Fund from April 14, 2020 through January 10, 2022. 31 member countries benefited from immediate CCRT debt service relief.
- IMF financial support to CCRT-eligible countries since the onset of the pandemic:
  - SDR 5.3 billion in financial assistance approved to 30 CCRT-eligible countries through RCF and RFI, new ECF arrangements, and augmentations of access under existing arrangements.
  - CCRT-eligible countries’ share of the new General SDR Allocation amounted to about SDR 5.8 billion (effective August 23, 2021).

### UPDATE ON THE ADEQUACY OF CCRT RESOURCES
- Fundraising and pledges:
  - Total grant pledges received since the onset of the pandemic amount to SDR 609.4 million, of which SDR 607.5 million have been disbursed.
  - This is below the cost of two full years of COVID-related debt service relief of SDR 690 million and below the SDR 1 billion fundraising goal.
  - No new grant pledges have been received since approval of the fourth tranche on October 6, 2021.
  - Indonesia has adjusted its existing interest-free deposit agreement to generate investment income for CCRT operations.
- Cash balances and impact of a final tranche:
  - As of November 30, 2021, cash balances in the CCRT amount to SDR 150.7 million (includes net operational income received).
  - Delivery of COVID-related debt service relief of SDR 82.1 million falling due from January 11, 2022 through April 13, 2022 would reduce the CCRT cash balance to about SDR 68.6 million, implying significant erosion of the pre-COVID cash buffer of about SDR 150 million.
- Implications of the funding shortfall:
  - With the median outstanding credit to the Fund amongst CCRT-eligible countries estimated at about SDR 213 million, the Trust would be significantly underfunded in the case of a debt stock relief under the Post-Catastrophe Relief (PCR) window should a qualifying catastrophic disaster (QCD) materialize.
  - A low cash balance would limit the Trust’s ability to disburse immediate relief in the event of future qualifying events, including multiple natural disasters or regional epidemics.
- Residual capacity after a final tranche:
  - The projected residual balance of SDR 68.6 million could cover:
    - two-year debt service relief under either window for a medium to large country case (i.e., at the 75th percentile of the distribution of potential debt relief costs), or
    - two medium country cases (i.e., at the 50th percentile).
- Legal/Instrument considerations:
  - The CCRT Instrument requires the Executive Board to “take into account the availability of resources in the Trust and the likely need of other potentially qualifying members under the Trust” when approving tranches of grants. The Instrument leaves broad discretion to the Fund in making this assessment.

### STAFF PROPOSAL AND RECOMMENDATIONS
- Given the continued severe human and economic burden of the pandemic on CCRT-eligible members, staff proposes:
  - (i) approval of a fifth and final tranche covering debt service relief to all qualified beneficiary countries covering the period from January 11 to April 13, 2022;
  - (ii) continued fundraising efforts to address the CCRT’s severe underfunding; and
  - (iii) a comprehensive review of the CCRT Instrument, tentatively planned for FY23, to assess the appropriateness of its policies and financing framework.
- Rationale:
  - The pandemic’s ongoing burden places a premium on continued CCRT debt service relief despite the significant drawdown of the pre-COVID cash buffer and limited resources remaining for other qualifying events.
  - A FY23 comprehensive review will assess experience with debt relief operations under the CCRT and the case for reforms to access rules and the financing framework, recognizing that the pre-COVID underfunding estimate of SDR 200-275 million is likely to be substantially underestimated given pandemic-related changes.

*Prepared by the Finance Department, the Legal Department, and the Strategy, Policy, and Review Department; approved by Christian Mumssen, Guillaume Chabert, and Bernhard Steinki.*

### Box 1. Overview of the CCRT Instrument

### Box 1. Overview of the CCRT Instrument

### Purpose and scope
- The CCRT provides grants to pay debt service owed to the Fund by eligible low-income member countries that are hit by catastrophic natural disasters or battling public health disasters—such as earthquakes, epidemics, or global pandemics.
- The Trust has two windows: Catastrophe Containment (CC) Window and Post-Catastrophe Relief (PCR) Window.

### Catastrophe Containment (CC) Window — qualifying public health disasters (QPHD)
- Two alternative QPHD definitions:
  - First QPHD (life-threatening epidemic within a country):
    - The epidemic has spread across several areas of the afflicted country’s territory, causing significant economic disruption and creating a balance of payments need (BoP).
    - The epidemic has the capacity to spread or is already spreading to other countries, producing or threatening significant economic disruption and loss of life.
    - Under this QPHD, the magnitude of the economic disruption that occurred and is projected to occur in the future, based on available information including preliminary estimates, normally would cause a cumulative loss of real GDP of 10 percent or more; or a cumulative loss of revenue and increase of expenditures equivalent to at least 10 percent of GDP, measured relative to staff estimates made prior to the onset of the public health disaster.
  - Second QPHD (life-threatening global pandemic):
    - Inflicting severe economic disruption across the IMF membership and creating BoP needs on such a scale as to warrant a concerted international effort to support the poorest and most vulnerable countries through substantial additional grant support and debt service relief.
- Conditions for support under the CC Window:
  - The afflicted country should put in place appropriate macroeconomic policies to address the BoP needs created by the QPHD and the ensuing policy response.
  - May receive immediate debt relief covering eligible debt service falling due to the Fund under an initial tranche not exceeding six months from the date of the qualification decision or from the date of the Executive Board determination that a global pandemic exists.
  - Subject to resource availability, additional tranches of debt service relief may be approved to cover an overall period not exceeding two years from the date of the initial decision.

### Post-Catastrophe Relief (PCR) Window — catastrophic natural disasters
- Eligibility conditions under the PCR Window:
  - A catastrophic natural disaster has directly affected normally at least one-third of the population and directly affected a large portion of the member’s economy as evidenced by either:
    - destruction of more than a quarter of the country’s productive capacity; or
    - economic damage in an amount exceeding 100 percent of the member’s GDP prior to the QCD.
- Assistance features:
  - Eligible low-income countries hit by such a catastrophic disaster would receive temporary debt flow relief on their debt service payments (principal and interest) to the Fund falling due in the two years following the disaster.
  - Unlike under the CC Window, assistance under the PCR Window would not be tranched.

### Full debt stock relief (conditions and disbursement)
- Full cancellation of a country’s eligible debt stock to the Fund is possible when:
  - The member qualifies for debt flow relief under the PCR Window; and
  - The member has substantial BoP needs created or exacerbated by the QCD and the subsequent economic recovery efforts which are expected to persist beyond the period covered by the debt flow relief; and
  - The resources freed up by debt stock relief are critical for meeting these needs; and
  - Based on an updated debt sustainability analysis, the country faced a very high debt burden (typical case).
- Required determinations/assurances for debt stock relief:
  - (i) Concerted efforts exist within the international community to provide similar debt relief, evidenced by satisfactory assurances regarding debt relief provided by the member’s official creditors whose debt together account for at least 80 percent of the member’s total sovereign external debt outstanding to official creditors.
  - (ii) The member provided assurances that it will cooperate in an effort to find solutions to its BoP problems and that it will refrain from inappropriate policies that could compound such problems.
  - (iii) The member has established a track record of adequate macroeconomic policies normally for a period of at least 6 months, taking into account the member’s implementation capacity.
- Debt stock relief would be disbursed only upon these determinations.

### Eligibility thresholds
- Eligibility for CCRT assistance is limited to countries eligible for concessional borrowing under the Poverty Reduction and Growth Trust (PRGT) with per capita income below the International Development Association’s (IDA) operational cutoff (currently US$1,205) or, for small states with a population of less than 1.5 million, per capita income below twice the IDA cutoff (currently US$2,410).

### Table highlights — Eligible debt service relief for CCRT tranches (As of November 19, 2021; in SDRs)
- Examples of country-level eligible debt service by tranche (selected entries preserved exactly as presented):
  - Afghanistan, Islamic Republic of: 1st tranche (actual) (Apr 14-Oct 13, 2020) = 2,400,000; 2nd tranche (actual) (Oct 14, 2020-Apr 13, 2021) = 2,400,000; 3rd tranche (actual) (Apr 14-Oct 15, 2021) = 2,400,000; 4th tranche (actual) (Oct 16, 2021-Jan 10, 2022) = 0; 5th tranche (Jan 11, 2022-Apr 13, 2022) = 0; Two-year total (Apr 14, 2020-Apr 13, 2022) = 7,200,000.
  - Benin: 1st = 7,428,000; 2nd = 6,366,000; 3rd = 5,305,000; 4th = 2,122,000; 5th = 2,122,000; Two-year total = 23,343,000.
  - Burkina Faso: 1st = 8,737,400; 2nd = 10,295,000; 3rd = 9,650,000; 4th = 10,607,000; 5th = 255,000; Two-year total = 39,544,400.
  - Total (all eligible countries listed): 1st tranche = 183,118,357; 2nd tranche = 168,401,452; 3rd tranche = 168,069,599; 4th tranche = 87,936,318; 5th tranche = 82,054,764; Two-year total = 689,580,490.

### Table highlights — Contributions to the CCRT since March 2020 (As of November 19, 2021)
- Summary of major contributors and amounts (values preserved exactly as presented):
  - European Union: In millions of SDRs = 152.0; In millions of original currency (if appl.) = € 183; In millions of US$ = 212.5; Current status of contribution = Disbursed.
  - UK: In millions of SDRs = 135.8; In millions of original currency (if appl.) = £150; In millions of US$ = 189.9; Current status = Disbursed.
  - Japan: In millions of SDRs = 108.6; In millions of original currency (if appl.) = $150; In millions of US$ = 151.9; Current status = Disbursed.
  - Germany: In millions of SDRs = 66.2; In millions of original currency (if appl.) = € 80; In millions of US$ = 92.6; Current status = Disbursed.
  - France: In millions of SDRs = 33.3; In millions of original currency (if appl.) = € 40; In millions of US$ = 46.6; Current status = Disbursed.
  - Netherlands: In millions of SDRs = 20.8; In millions of original currency (if appl.) = € 25; In millions of US$ = 29.1; Current status = Disbursed.
  - Spain: In millions of SDRs = 20.7; In millions of original currency (if appl.) = € 25; In millions of US$ = 29.0; Current status = Disbursed.
  - Switzerland: In millions of SDRs = 19.5; In millions of original currency (if appl.) = CHF 25; In millions of US$ = 27.2; Current status = Disbursed.
  - Norway: In millions of SDRs = 14.5; In millions of original currency (if appl.) = NOK 180; In millions of US$ = 20.3; Current status = Disbursed.
  - Singapore: In millions of SDRs = 12.4; In millions of original currency (if appl.) = $17.6; In millions of US$ = 17.3; Current status = Disbursed.
  - Total (summed in table): In millions of SDRs = 609.4; In millions of US$ = 852.2.
  - Target: SDR 1 billion; US$1.4 billion.

*International Monetary Fund — CATASTROPHE CONTAINMENT AND RELIEF TRUST (box content and tables as presented).*

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_Source: https://www.imf.org/-/media/files/publications/pp/2021/english/ppea2021074.pdf_