The board of the International Monetary Fund (IMF) has approved a third tranche of debt servicing grants for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT).
The approval on April 1, 2021 followed two earlier tranches, which were approved on April 13, 2020 and October 2, 2020, respectively.
It enables the disbursement of grants from the CCRT to pay all eligible debt services due by the IMF by its poorest and most vulnerable members from April 14, 2021 to October 15, 2021 based on an estimated $ 238 million .
The IMF said the latest tranche of debt relief grants will continue to help free scarce financial resources for key health, social and economic emergencies in order to mitigate the effects of the COVID-19 pandemic. Subject to the availability of sufficient resources in the CCRT, a total of around USD 964 million in debt service relief could be granted for the remaining period from October 16, 2021 to April 13, 2022.
In March 2020, Managing Director Kristalina Georgieva launched an urgent fundraiser to raise $ 1.4 billion in grants for the CCRT.
The grant would allow the CCRT to provide financial assistance for debt relief for up to two years while the CCRT remains adequately funded for future needs.
So far, donors have pledged contributions totaling around 774 million US dollars, including from the European Union, Great Britain, Japan, Germany, France, the Netherlands, Switzerland, Norway, Singapore, China, Mexico, the Philippines, Sweden, Bulgaria, Luxembourg and Malta.
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