The Executive Board of the International Monetary Fund (IMF) has approved relief on debt service for 25 countries amid the COVID-19 pandemic, the official statement said on Wednesday.
"The Executive Board today approved relief on debt service for 25 member countries that are eligible for support from the Catastrophe Containment and Relief Trust (CCRT); a further 4 countries are expected to request such relief in the coming weeks", the statement said.
According to Kristalina Georgieva, the Managing Director of the IMF, this provides grants to the "most vulnerable" of the IMF members over the next six months, initially, to help them divert financial resources to vital medical needs amid the pandemic.
Debt relief will be provided to Afghanistan and Yemen, Tajikistan, and to Africa's poorest states, including Benin, Burkina Faso, Central African Republic, Chad, Congo, D.R., Rwanda, Togo, and others.