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IMF extends debt relief to 28 low-income countries

Joseph Oyekanmi

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IMF extends debt relief to 28 low-income countries

The executive board of the International Monetary Fund approved the 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.

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

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 from October 16, 2021, to April 13, 2022, amounting to a total of about SDR 680 ($964m).

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