The International Monetary Fund (IMF) has given more details on the debt service relief approved for 25 low-income countries, including 19 in Sub-Saharan Africa. Debt service is the cash that is required to cover the repayment of interest and principal on a debt for a particular period. On Wednesday, the IMF gave more details on the debt service relief for 25 member countries that are eligible for support from the Catastrophe Containment and Relief Trust (CCRT). The CCRT enables the IMF to deliver grants to eligible low-income countries to cover their IMF debt service obligations in the wake of catastrophic natural disasters and during major global public health emergencies. Eligibility for CCRT support is limited to IMF member countries with annual per capita GNI below the World Bank’s operational cut-off (or twice the cut-off for small states), generally the poorest and most vulnerable member countries.

Source: The North Africa Journal April 16, 2020 13:18 UTC