The International Monetary Fund Executive Board has  approved Immediate Debt Relief for 25 member countries,  under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT).

According to a statement signed by IMF Managing Director Kristalina Georgieva, CCRT can currently provide about US$500 million in grant-based debt service relief, in response to help address the impact of the COVID-19 pandemic in the member countries, for the next 6 months. “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.” says part of the statement.

The allocated sum, also includes the recent US$185 million pledge by the U.K. and US$100 million provided by Japan as immediately available resources, while others, including China and the Netherlands, are also stepping forward with important contributions.

Beneficiaries of the Immediate Debt Relief are Malawi,  Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.