IMF cancels debt payments for 6 months for 25 poor nations

      The International Monetary Fund approved $500 million on Monday to cancel six months of debt payments for 25 of the world’s most impoverished countries so they can help tackle the COVID-19 pandemic.

   IMF Executive Director Kristalina Georgieva issued a statement saying the IMF executive board approved the immediate debt service relief for 19 African countries, Afghanistan, Haiti, Nepal, Solomon Islands, Tajikistan and Yemen.

“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,” Georgieva said.

She said the money will come from the IMF’s revamped Catastrophe Containment and Relief Trust, which will use recent pledges of $185 million from the United Kingdom and $100 million from Japan. She urged other donors to help replenish the trust’s resources.