Coronavirus: IMF Executive Board approves immediate debt relief for 25 countries

In wake of global Coronavirus crisis, International Monetary Fund's (IMF) Executive Board has approved immediate debt service relief to 25 poor countries. IMF Executive Director Kristalina Georgieva issued a statement saying IMF executive board approved immediate debt service relief for 19 African countries, Afghanistan, Haiti, Nepal, Solomon Islands, Tajikistan and Yemen.

'I urge or dors to help us replenish...'

She said, "Today I am pleased to say that our Executive Board approved immediate debt service relief to 25 of IMF's member countries under IMF's revamped Catastrophe Containment and Relief Trust (CCRT) as part of Fund's response to help dress impact of COVID-19 pandemic."

"This provides grants to our poorest and most vulnerable members to cover ir IMF debt obligations for an initial phase over next six months and will help m channel more of ir scarce financial resources towards vital emergency medical and or relief efforts," she ded.

countries that will receive debt service relief today are -- Afghanistan, Benin, Burkina Faso, Central African Republic, Ch, Comoros, Congo, Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Magascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

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" CCRT can currently provide about USD 500 million in grant-based debt service relief, including recent USD 185 million pledge by UK and USD 100 million provided by Japan as immediately available resources. Ors, including China and Nerlands, are also stepping forward with important contributions. I urge or dors to help us replenish Trust's resources and boost furr our ability to provide ditional debt service relief for a full two years to our poorest member countries," said Georgieva.

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Last week, World Bank said it would roll out $160 billion in emergency aid over 15 months to help countries stricken by virus, including $14 billion in debt repayments from 76 poor countries to or governments.

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(With ncy inputs)