IMF Executive Board Approves Immediate Debt Relief for 25 Countries

IMF News, April 13, 2020

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Bibliographic details

• Published: April 13, 2020

Summary of action

• Executive Board approved immediate debt service relief to 25 IMF member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT).
• Announcement date: April 13, 2020.
• Statement issued by Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund.

Funding and scale

• The CCRT can currently provide about US$500 million in grant-based debt service relief.
• Includes a recent US$185 million pledge by the U.K.
• Includes US$100 million provided by Japan as immediately available resources.
• Other contributors mentioned: China and the Netherlands.

Duration and use of relief

• Relief covers IMF debt obligations for an initial phase over the next six months.
• Objective: help countries channel more scarce financial resources towards vital emergency medical and other relief efforts.
• IMF urged donors to replenish the Trust’s resources to boost ability to provide additional debt service relief for a full two years to poorest member countries.

Beneficiary countries

• The countries that will receive debt service relief today are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

Policy message and appeals

• Grants through the CCRT target the poorest and most vulnerable IMF members.
• IMF called for additional donor contributions to replenish the Trust and extend relief duration up to a full two years.

Media relations

• IMF Communications Department, MEDIA RELATIONS.
• PRESS OFFICER: Wafa Amr
• Phone: +1 202 623-7100
• Email: MEDIA@IMF.org
• @IMFSpokesperson

IMF Communications Department, April 13, 2020.

References

• https://www.imf.org/en/about/senior-officials/bios/kristalina-georgieva
• IMF Executive Board Approves Immediate Debt Service Relief for 25 Eligible Low-Income Countries
• Factsheet: Catastrophe Containment and Relief Trust
• https://www.imf.org/en/topics/imf-and-covid19
• The IMF and COVID-19 (Coronavirus)
• PRESS CENTER
• https://www.imf.org/en/home