IMF offers debt relief to 25 countries

The International Monetary Fund (IMF) on Monday granted debt relief to a group of 25 countries largely dominated by African nations.

It identified the beneficiaries as the poorest and the most vulnerable member countries of the Fund, noting that the grants would enable them cover their debt obligations for an initial period of half a year while supporting them in committing their limited resources to emergency medical and other vital efforts.

Kristalina Georgieva, the IMF chief, said the aid would be provided to the countries through the institution’s revamped Catastrophe Containment and Relief Trust (CCRT).

“The CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the U.K. and US$100 million provided by Japan as immediately available resources.

“Others, including China and the Netherlands, are also stepping forward with important contributions.

“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.

A statement from the multilateral lender listed the beneficiaries of the aid as 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.