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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

about SDR 183 million in grant support to cover the first six months of debt service relief from the CCRT following the date of the Board decision. About SDR 680 million in grant resources would be needed to cover all CCRT-eligible debt service to the Fund falling due in the full two-year period. 3 Figure 1. Global Spread of COVID-19, as of April 8, 2020 Source: The Johns Hopkins University. Funding Status of the CCRT 3. Recent contributions to the CCRT allow for the delivery of an initial six-month period of debt service relief for all 29

International Monetary Fund. African Dept.

international supply chains disrupted. The challenging circumstances are further affected by the fragility of the economy and a weak health care system. São Tomé and Príncipe has also benefited from the IMF Executive Board decision of April 13, 2020 to provide debt service relief to all countries eligible for support from the International Development Association (IDA) in the form of grant assistance under the Catastrophe Containment (CC) window of the Catastrophe Containment and Relief Trust (CCRT). As a result, the country will receive relief from the CCRT on debt service

International Monetary Fund. African Dept.

form of grant assistance under the Catastrophe Containment and Relief Trust (CCRT). As a result, the country will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$1.2 million). This relief could be extended for up to 2 years, subject to the availability of resources under the CCRT. The COVID-19 shock comes less than a year after Cyclone Kenneth and is affecting Comoros severely. Remittances receipts have slowed and visitor arrivals have stopped, weighing on activity in the services sector. Projections indicate a

International Monetary Fund. African Dept.

IMF Executive Board decision of April 13, 2020 to provide debt service relief to all countries eligible for support from the International Development Association (IDA) in the form of grant assistance under the Catastrophe Containment window of the Catastrophe Containment and Relief Trust (CCRT). As a result, C.A.R. will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$4 million). This relief could be extended for up to 2 years, subject to the availability of resources under the CCRT. If not contained, the COVID-19

International Monetary Fund. African Dept.

result, Burkina Faso will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$11.9 million). This relief could be extended for up-to 2 years, subject to the availability of resources under the CCRT. The IMF continues to monitor Burkina Faso’s situation closely and stands ready to provide policy advice and further support as needed. Following the Executive Board discussion, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, issued the following statement: “Burkina Faso has been adversely impacted by

International Monetary Fund. African Dept.

assistance under the Catastrophe Containment (CC) window of the Catastrophe Containment and Relief Trust (CCRT). As a result, The Gambia will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$2.9 million). This relief could be extended for up to 2 years, subject to the availability of resources under the CCRT. Following the Executive Board discussion, Mr Tao Zhang, Deputy Managing Director and Acting Chair, issued the following statement: “The global COVID-19 pandemic is straining The Gambian economy, notably as

International Monetary Fund. African Dept.

assistance under the Catastrophe Containment (CC) window of the Catastrophe Containment and Relief Trust (CCRT). As a result, The Gambia will receive relief from the CCRT on debt service falling due to the IMF in the next 6 months (about US$2.9 million). This relief could be extended for up to 2 years, subject to the availability of resources under the CCRT. Following the Executive Board discussion, Mr Tao Zhang, Deputy Managing Director and Acting Chair, issued the following statement: “The global COVID-19 pandemic is straining The Gambian economy, notably as

International Monetary Fund. African Dept.

supportive policies without compromising macroeconomic stability, the authorities remain committed to their reform program and generally continue to implement the necessary measures. Program status . The IMF’s Executive Board approved a four-year arrangement under the ECF in December 2019. The combined first and second review was completed a year later. Since then, Liberia also benefitted from a disbursement under the RCF, debt service relief from the CCRT, and an SDR allocation of SDR 247.7 million (10.5 percent of GDP). The current review is delayed because of the time