Thursday, January 21, 2021

Haiti only Caribbean country to benefit from new IMF initiative

The International Monetary Fund said that this latest approval follows the first six-month tranche approved on April 13
HAITI IS the only Caribbean Community (CARICOM) country that will benefit from a decision by the International Monetary Fund (IMF) to provide a second six-month tranche of debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT).
The IMF said that this latest approval follows the first six-month tranche approved on April 13, this year and enables the disbursement of grants from the CCRT for payment of eligible debt service falling due to the IMF from October 14, 2020 to April 13, 2021, estimated at US$227 million.
The Washington-based financial institution said that subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for a total period of two years, through April 13, 2022, estimated at nearly US$959 million.
Impact
It said relief on debt service will free up scarce financial resources for vital emergency medical and other relief efforts while these members combat the impact of the coronavirus (COVID-19) pandemic.
Apart from Haiti, the other countries, are mainly African countries, including Central African Republic, Niger, Rwanda, Sierra Leonne and Tanzania.
The IMF said that its managing director, Kristalina Georgieva, following the first tranche, had launched an urgent fundraising effort that would enable the CCRT to provide relief on debt service for up to a maximum of two years, while leaving the CCRT adequately funded for future needs.
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