Kathmandu, April 14
The International Monetary Organisation on Monday has announced that it will provide immediate debt relief to Nepal and 24 other countries in order to help them combat the economic crisis caused by the coronavirus outbreak.
In a statement, IMF Managing Director Kristalina Georgieva says, “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.”
Under its Catastrophe Containment and Relief Trust (CCRT), the IMF can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the UK and US$100 million provided by Japan as immediately available resources.
Likewise, China and the Netherlands among others are also stepping forward with important contributions, the statement informs.
