The International Monetary Fund has prolonged debt service relief for two dozen low-income nations, the fund announced in a release on Friday.
“The Executive Board of the International Monetary Fund (IMF) approved on October 6, 2021 a fourth tranche of debt service relief from the Catastrophe Containment and Relief Trust (CCRT) for 24 member countries with eligible debt falling due in the period through January 10, 2022,” the release said.
The IMF noted that the latest tranche approval totals some $124 million and helps free up funds for vital health, social, and economic support to reduce the impacts caused by the pandemic.
“Subject to the availability of sufficient resources in the CCRT, debt service relief for all beneficiary countries could be provided for the remaining period from January 11 to April 13, 2022, amounting to approximately SDR 82.1 million and a cumulative debt service relief of about SDR 690 million (US$973 million) for the entire two-year period,” the release added.
Moreover, the Fund approved the inclusion of the Kyrgyz Republic and Lesotho among the beneficiary countries.