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IMF approves grants for debt servicing for low income countries

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By Abba Gwale

The executive board of the International Monetary Fund has approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust.

In a statement on its website on Monday, the body said the IMF executive board extends debt service relief for 28 eligible low-income countries through October 15, 2021

The approval followed two prior tranches approved on April 13, 2020 and October 2, 2020, respectively.

The executive board of the International Monetary Fund approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust.

The IMF said in a statement on its website titled, ‘IMF executive board extends debt service relief for 28 eligible low-income countries through October 15, 2021’, on Monday.

It enabled the disbursement of grants from the CCRT for payment of all eligible debt service falling due to the IMF from its poorest and most vulnerable members from April 14, 2021 to October 15, 2021, estimated at SDR 168 ($238m).

This tranche of grants for debt service relief would continue to help free up scarce financial resources for vital emergency health, social, and economic support to mitigate the impact of the COVID-19 pandemic.

Subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for the remaining period through from October 16, 2021 to April 13, 2022 amounting to a total of about SDR 680 ($964m).

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SOURCE: This post (IMF approves grants for debt servicing for low income countries) firstly published at saheliantimes.com on 2021-04-06 12:05:47

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