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IMF extends debt relief package for 28 poor countries

2021-04-05T16:13:40.854Z

The International Monetary Fund provides debt relief in the form of grants to the poorest and most vulnerable countries.



The International Monetary Fund (IMF) on Monday announced the extension of emergency aid to 28 of the world's poorest countries to help them reduce their debt and better cope with the impact of the crisis. Covid-19 pandemic.

Read also: IMF approves $ 2.34 billion in aid for Kenya

Debt relief under the IMF's Disaster Assistance and Response Trust Fund (ARC Trust Fund) was initially launched in April 2020 at the start of the global pandemic.

It then concerned 25 countries for a period of six months.

Last October, the device was extended to a total of 28 countries and extended until April 13, 2021.

$ 774 million in contributions

The IMF's board of directors approved on April 1 to extend this device until October 15, the Washington institution said on Monday in a press release.

The ARC Trust Fund provides debt relief in the form of grants to the poorest and most vulnerable countries struck by disastrous natural or public health disasters.

The aim is to "

free up financial resources

" to dedicate them to health, social and economic support to mitigate the impact of the pandemic, the IMF explained.

Read also: The IMF sees faster but uneven growth in 2021

In response to the pandemic, in March 2020, the IMF undertook a fundraising to allow the ARC trust fund to offer debt service relief to the tune of $ 1,000 billion.

So far, donors have pledged contributions totaling around (...) $ 774 million from the European Union, United Kingdom, Japan, Germany, France , the Netherlands, Switzerland, Norway, Singapore, China, Mexico, the Philippines, Sweden, Bulgaria, Luxembourg and Malta,

”the IMF added on Monday.

Source: lefigaro

All news articles on 2021-04-05

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