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International Monetary Fund

April 13, 2021, estimated at SDR 161 (US$227) million. Subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for a total period of two years, through April 13, 2022, estimated at nearly SDR 680 (US$959) million. Relief on debt service will free up scarce financial resources for vital emergency medical and other relief efforts while these members combat the impact of the COVID-19 pandemic. In the context of the approval of the first tranche, Managing Director Kristalina Georgieva launched an urgent fundraising effort

International Monetary Fund

Recent Developments: COVID-19 Pandemic and CCRT Debt Service Relief 1. The COVID-19 pandemic continues to exact a human and economic toll on IMF members eligible for assistance from the Catastrophe Containment and Relief Trust (CCRT). 3 Human toll : 29 CCRT-eligible members with debt to the Fund continue to experience a high rate of new cases (cumulatively lodged over 254 thousand cases), and associated deaths have risen over 5,209 (see Figure 1 ). Economic toll : According to the latest WEO projections, projected growth in CCRT

International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.
This paper proposes that the Executive Board approve the disbursement of a third tranche of CCRT debt service relief to 28 of the 29 CCRT-eligible members, covering the period April 14, 2021 through October 15, 2021, given staff’s assessment that sufficient financial resources are available.
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department
The Executive Board approved a two-step approach consisting of (i) an immediate approval of the disbursement of a fourth tranche of debt service relief to all qualified beneficiary countries covering the period from October 16, 2021 through January 10, 2022, and (ii) consideration by January 2022 of a final tranche of CCRT debt service relief through April 13, 2022 based on a brief Board paper with an assessment of resources at that time. In accordance with the two-step approach, this paper provides a brief overview on recent developments in CCRT-eligible countries followed by an update on the CCRT’s funding status and resources assessment.
International Monetary Fund
This paper proposes that the Executive Board approve the disbursement of a second 6-month tranche of CCRT debt service relief to 28 of the 29 members, covering the period October 14, 2020 through April 13, 2021, given staff’s assessment that sufficient financial resources are available.2 In this context, the paper also provides brief updates for each beneficiary country on its policy responses to the pandemic and staff’s assessment of these policies and the use of resources freed up by debt service relief. It also provides an update on the finances of the CCRT and the fundraising efforts to secure adequate resources for grant assistance in the future. Based on grant pledges to date, resources are not sufficient to extend CCRT relief beyond the proposed second sixth-month period.
International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department

, 2020 through January 10, 2022 ( Table 2 ) . 31 member countries benefited from immediate CCRT debt service relief in the context of the COVID-19 pandemic, with four tranches approved on April 13, 2020, October 2, 2020, April 1, 2021, and October 6, 2021. Grant resources from the CCRT were disbursed to member countries and used to effect early repayment on their eligible debt falling due to the IMF during each tranche. 3 Table 2. Eligible Countries and Eligible Debt Service Relief for CCRT Tranches (As of November 19, 2021; in SDRs) Country

International Monetary Fund
This paper proposes that the Executive Board determine that the global COVID-19 pandemic constitutes a Qualifying Public Health Disaster (QPHD) under the Catastrophe Containment (CC) Window of the Catastrophe Containment and Relief Trust (CCRT), in line with the new QPHD test approved by the Board on March 26. The CCRT has sufficient financial resources for an initial tranche of grant assistance for debt service relief covering eligible debt falling due from all CCRT-eligible members through October 13, 2020. Fundraising efforts continue to secure the financial resources needed to commit future such tranches for CCRT debt service relief, up to a cap of two years. Staff considers that the 25 members requesting CCRT assistance qualify for immediate CCRT relief.
International Monetary Fund

28 countries benefitting from the first tranche of debt relief, covering all debt service to the Fund falling due during the ensuing six months. 1 This paper proposes that the Executive Board approve the disbursement of a second 6-month tranche of CCRT debt service relief to 28 of the 29 members, covering the period October 14, 2020 through April 13, 2021, given staff’s assessment that sufficient financial resources are available. 2 In this context, the paper also provides brief updates for each beneficiary country on its policy responses to the pandemic and

International Monetary Fund

the CCRT, debt service relief for all beneficiary countries could be provided for the remaining period from January 11 to April 13, 2022, amounting to approximately SDR 82.1 million and a cumulative debt service relief of about SDR 690 million (US$973 million) for the entire two-year period. In March 2020, Managing Director Kristalina Georgieva launched an urgent fundraising effort to raise SDR 1 billion (US$1.4 billion) in grants for the CCRT. This would enable the CCRT to provide financial assistance for relief on debt service for up to a maximum of two years