‘CCRT’ IMF approves finalised round of debt relief for poor countries

The IMF announced Monday that the fifth and final wave of debt relief under a program designed to help the world’s poorest countries cope with the Covid-19 outbreak had been approved.

The $115 million in relief from the IMF’s Catastrophe Containment and Relief Trust (CCRT) affects debt service payments due between January 11 and April 13 of next year for 25 member states, according to a statement from the Washington-based crisis lender.

The IMF’s directors stated in a statement that the CCRT relief “helped its poorest and most vulnerable members free up resources to fight the epidemic and its implications,” albeit they cautioned that not all of the money committed for the trust had been received.

The CCRT enables the IMF to provide grants to the poorest and most vulnerable countries hit by a natural disaster or public health crisis, and was tapped by the fund in April 2020 to aid the response to the Covid-19 pandemic.

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