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IMF Grants Immediate Debt Relief to 25 Poor Nations to Help Fight Covid-19: Business Standart

  •  World

The Monetary Fund on Monday announced it had approved immediate debt relief for 25 poor countries to help them free up funds to fight the pandemic, Business Standart reports.

"This provides grants 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 channel more of their scarce financial resources towards vital emergency medical and other relief efforts," IMF Managing Director said in a statement.

The IMF's revamped Catastrophe Containment and Relief Trust (CCRT) enables the IMF to deliver grants for debt relief benefitting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.

The CCRT can currently provide about $500 million in grant-based debt service relief, according to Georgieva. "I urge other donors to help us replenish the Trust's resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries," she said.

On April 9, the IMF MD had said that the pandemic inflicted an economic crisis unlike any in the past century and will require a massive response to ensure recovery. She said the world needed to brace for "the worst economic fallout since the Great Depression."

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