Washington: The International Monetary Fund (IMF) has announced its decision to provide debt relief to member countries under the Catastrophe Containment and Relief Trust (CCRT), a news source reported. According to details, the debt relief is expected to provide members countries with the fiscal space to better tackle the coronavirus pandemic within their respective jurisdictions.
IMF Managing Director Kristalina Georgieva stated that the body’s executive board had approved the provision on Monday for the first batch of countries to receive the grant. These grants will be used to meet the debt obligations of 25 member countries over the next six months. Initially USD 215 million will be disbursed for the first five countries and extensions may be provided for a period of up to two years.
Currently, the trust has a total of USD 500 million in
funds. Meanwhile Britain has pledged USD 185 million and Japan has pledged USD
100 million while the amounts from countries including China and Netherlands has
yet to be revealed.
