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International Monetary Fund
The paper provides brief updates for each CCRT-eligible country on its policy responses to the pandemic and on staff’s assessments of these policies, the use of resources freed up by debt service relief, and the implementation of governance safeguards commitments. The paper also provides an update on the financial situation of the CCRT. The generous support from 17 donor countries and the EU has mobilized SDR 609 million in new pledges since the onset of the pandemic.
International Monetary Fund

Recent Developments: Covid-19 Pandemic and CCRT Debt Service Relief 1. The COVID-19 pandemic continues to exact a significant human and economic toll on IMF members eligible for assistance from the Catastrophe Containment and Relief Trust (CCRT) . Human toll : CCRT-eligible countries continue to see a high rate of new cases in the context of a challenged and uneven vaccine rollout. Cumulative cases have risen to over 2 million while associated deaths have exceeded 38 thousand; both have almost doubled since April 2021 (see Figure 1 ). Economic toll

International Monetary Fund. Finance Dept., International Monetary Fund. Legal Dept., and International Monetary Fund. Strategy, Policy, & Review Department

Recent Developments 1. The COVID-19 pandemic continues to exact a significant human and economic toll on IMF members eligible for assistance from the Catastrophe Containment and Relief Trust (CCRT) . • Human toll : CCRT-eligible countries continue to see a high rate of new cases, while there are some signs of a slowdown, in the context of a challenging and uneven vaccine rollout. Cumulative cases have reached 2.2 million while associated deaths have exceeded 43 thousand (see Figure 1 ). • Economic toll : While the global economic recovery is

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. 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

UNDER THE CCRT TECHNICAL MODIFICATIONS TO THE CCRT DECISION FIGURE 1. Global Spread of COVID-19, as of April 8, 2020 TABLES 1. CCRT Eligible Countries, as of end-March 2020 2. Eligible Debt Service for Relief from the CCRT ANNEXES 1.A. Islamic Republic of Afghanistan: Staff Appraisal—CCRT Request 1.B. Islamic Republic of Afghanistan: Letter of Intent—CCRT Request 2.A. Benin: Staff Appraisal—CCRT Request 2.B. Benin: Letter of Intent—CCRT Request 3.A. Burkina Faso: Staff Appraisal—CCRT Request 3.B. Burkina Faso: Letter of Intent

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

urgent requests for emergency support. Other international organizations such as the World Bank are responding forcefully to meet the needs of their membership. The balance of payments needs are of an exceptional scale, warranting a concerted international effort to support CCRT-eligible countries through substantial additional grant support and debt service relief. 2. Up to 29 IMF member countries can potentially qualify for CCRT debt service relief in connection with the COVID-19 pandemic . These are members with per capita income below the IDA operational

International Monetary Fund. Finance Dept., International Monetary Fund. Strategy, Policy, &, Review Department, and International Monetary Fund. Legal Dept.

pandemic and its economic repercussions. To date, the Executive Board has approved two six-month tranches of debt service relief to all 29 CCRT-eligible countries with eligible debt service to the Fund, covering all debt service falling due from April 14, 2020 to April 13, 2021. 1 , 2 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

International Monetary Fund

requirements for CCRT debt service relief in connection with the COVID-19 pandemic. Accordingly, they approved grant assistance for debt service relief under the CCRT for 24 beneficiary countries that have eligible debt service falling due during the fourth tranche period, including the Kyrgyz Republic and Lesotho. Directors noted that the resources freed up so far by CCRT debt service relief have helped mitigate the impact of the pandemic on CCRT-eligible countries. Directors concurred that countries that received the CCRT grants for debt relief are generally pursuing