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View of a shanty town in Port-au-Prince, Haiti. (Photo: Blockchain Land)

Haiti to receive IMF debt relief grant

View of a shanty town in Port-au-Prince, Haiti. (Photo: Blockchain Land)

Haiti is among 25 countries selected to receive debt relief from the International Monetary Fund (IMF).

According to Managing Director Kristalina Georgieva, the IMF’s executive board today, April 13, approved the debt relief programme under the Catastrophe Containment and Relief Trust (CCRT) in response to the impact of the COVID-19 pandemic.

International Monetary Fund (IMF) Managing Director Kristalina Georgieva speaks at a press conference at the IMF headquarters on September 25, 2019, in Washington. (Photo: Eric BARADAT/AFP)

“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 explained.

She further pointed out that the CCRT provides up to US$500 million in grant-based debt service relief. The grant includes a US$185 million commitment from the United Kingdom and US$100 million from Japan

“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 …”

— International Monetary Fund Managing Director Kristalina Georgieva

“Others, including China and the Netherlands, are also stepping forward with important contributions. I urge other donors to help us replenish the trust’s resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries,” the IMF managing director urged.

An aerial view of Haiti’s second-largest city, Cap Haitien. (Photo: Plan It Smarter)

The other countries that will benefit from the debt service relief are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, DR, The Gambia, Guinea, Guinea-Bissau, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.