The IMF board approved the debt relief for the countries, nearly all in Africa, but also Afghanistan, Yemen, Nepal and Haiti. — Reuters pic
“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 Managing Director Kristalina Georgieva said in a statement.
The fund together with the World Bank have called for rich nations to stop collecting debt payments from poor countries from May 1 through June 2021. The fund currently has US$500 million , with Japan, Britain, China and the Netherlands among its main contributors.
Source: Loan Digest (loandigest.net)
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