Browsing: IMF debt relieft

Global debt-to-GDP to reach 100% in 2020: IMF

The global public debt will record a high of 100 per cent to GDP in 2020 according to the International Monetary Fund (IMF) Managing Director Kristalina Georgieva.

Kristalina Georgieva was speaking during a virtual press conference entitled “Overcoming the Crisis and Building a More Resilient Economy.”

“The picture today is less dire, as we now estimate that developments in the second and third quarters (Q2 and Q3) were somewhat better than expected, allowing for a small upward revision to our global forecast for 2020. We continue to project a partial and uneven recovery in 2021. We expect global output to remain well below our pre-pandemic projections over the medium term. For almost all countries, this will be a setback to the improvement of living standards.” She said

She added that now the projections are less dire as central banks and fiscal measures have given a powerful injection of liquidity in …

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.

Also Read: IMF boosts Kenya, Uganda virus fight with $1.23 billion

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

The 2020 …

On Monday, the Executive Board of the International Monetary Fund (IMF) approved the immediate debt service relief of 25 of IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the fund’s response to help deal with the impacts of the contagious Coronavirus (COVID-19) pandemic.

According to a statement provided by the lender, the funds go after the world’s poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months.

Further—IMF highlighted that the debt relief will help these 25 nations to channel more of their scarce financial resources towards vital emergency medical and other relief efforts.

IMF’s Managing Director Ms Kristalina Georgieva, said “The CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the U.K. and US$100 million provided by Japan as immediately available …