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IMF writes off part of the debt to poorest countries due to pandemic

“The Executive Board has approved immediate debt relief for 25 IMF member countries” – the message says.

The Fund noted that they would provide grants to the poorest and most vulnerable countries to pay off their debts to the IMF at the initial stage over the next six months. To do this, they will attract the Trust Fund to limit and overcome the consequences of disasters.

The organization hopes that such a solution will help these countries spend more of their money on medicine and other areas involved in the fight against coronavirus. This trust fund can provide approximately $ 500 million in assistance through grants from various countries around the world – the UK, USA, Japan, the Netherlands, China and other countries.

IMF Director Kristalina Georgieva called on other donors to provide money to the organization to replenish this trust fund.

Which countries will be exempted from paying debts? Afghanistan, Benin, Burkina Faso, Haiti, Gambia, Guinea, Guinea-Bissau, Comoros, Yemen, the Democratic Republic of the Congo, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, Sao Tome and Principe, Solomon Islands, Sierra Leone, Tajikistan, Togo, Central African Republic, and Chad.

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