IMF Seeks to Increase Catastrophe Containment and Relief Trust to $1.4 Bln - Chief
The International Monetary Fund is working with the donors to boost its Catastrophe Containment and Relief Trust to $1.4 billion, International Monetary Fund Managing Director Kristalina Georgieva said on Thursday ahead of the IMF and World Bank annual Spring Meetings
WASHINGTON (Pakistan Point News / Sputnik - 09th April, 2020) The International Monetary Fund is working with the donors to boost its Catastrophe Containment and Relief Trust to $1.4 billion, International Monetary Fund Managing Director Kristalina Georgieva said on Thursday ahead of the IMF and World Bank annual Spring Meetings.
"We have revamped our Catastrophe Containment and Relief Trust to provide immediate debt relief to low-income countries affected by the crisis, thereby creating space for spending on urgent health needs rather than debt repayment," Georgieva said.
"We are now working with donors to increase the CCRT to $1.4 billion to extend the duration of the debt relief."
Georgieva said the IMF and World Bank are urging a standstill of debt service to official bilateral creditors for the world's poorest countries.
Earlier this week, the IMF called on countries to globally coordinate their response to the COVID-19 pandemic.
The COVID-19 pandemic has pushed the world into a recession and the economic fallout will be worse than the financial crisis of 2008, the IMF added.