Browsing: Catastrophe Containment and Relief Trust

IMF approves $7.6m debt relief to Burundi

The International Monetary Fund (IMF) Executive Board approved $7.6 million debt relief for Burundi due over the next three months.

The debt relief which is under the Catastrophe Containment and Relief Trust are due from July 21, 2020, to October 13, 2020. The International Monetary Fund will grant an additional debt relief covering the period from October 14, 2020, to April 13, 2022, which will be subject to availability of resources in the CCRT potentially bringing total relief to an equivalent of $24.97 million.

The debt relief will help free up resources for the needs of the public sector as well as other emergency spending and help ease the balance of payments shock posed by the pandemic.

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Burundi’s effects from the pandemic are through the evolving domestic outbreak and economic spillovers from the global and regional environment.

The 2020 …

IMF

The executive board of the International Monetary Fund (IMF) approved a $14.3 grant under its Catastrophe Containment and Relief Trust (CCRT) yesterday to assist Tanzania in servicing its debt to October 13, 2020.

According to the lender statement, further allocation of additional relief covering the period of October 14, 2020, to April 13, 2022, will be granted subject to the availability of resources in the CCRT, potentially bringing total relief on debt service to the equivalent of about $25.7 million.

Tanzania has been one of many countries in Africa where it’s the fast-growing economy was shaken by the coronavirus (COVID-19) pandemic.

As crucial sectors including tourism, travel and exports were hurt—the IMF equivocally noted that the debt service relief will aid “alleviating Tanzania’s balance of payment needs stemming from the COVID-19 pandemic,”

Tanzania’s closest lender also took the liberty to address various issues including debt service anticipated impacts …