COVID-19: IMF approves debt relief for 25 countries

By Gokhan Ergocun

ISTANBUL (AA) - The International Monetary Fund (IMF) on Monday approved immediate debt service relief for 25 countries to help them address the impact of the COVID-19 pandemic.

"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 beneficiary countries are Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Democratic Republic of Congo, The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

Last month, the IMF and the World Bank Group issued a joint call urging creditors to suspend debt payments of the world’s poorest countries.