The IMF Board approved on April 13 an immediate debt relief for 25 countries, 19 of which are African countries, under the revamped Catastrophe Containment and Relief Trust (CCRT) as part of the measures deployed by the Fund to help member countries in this covid-19 crisis context.

“This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts,” IMF said.

According to the institution, the CCRT can provide a debt servicing relief as grants up to $500 million, including the $185 million pledged by the UK and the $100 million committed by Japan. Countries such as China and the Netherlands are also expected to contribute.
African countries to benefit from the debt relief are Benin, Burkina Faso, Comoros, Gambia, Guinea, Guinea-Bissau, Liberia, Madagascar, Malawi, Mali, Mozambique, Niger, Central African Republic, DR Congo, Rwanda, São Tomé and Príncipe, Sierra Leone, Chad, and Togo.

Borgia Kobri