28 countries, including Togo, will benefit from a new IMF aid

Finance
Tuesday, 06 October 2020 13:55
28 countries, including Togo, will benefit from a new IMF aid

(Togo First) - Alongside 27 other countries, Togo will benefit from a second six-month tranche debt relief service of the International Monetary Fund (IMF). 

The new tranche was approved on Oct. 2 by the IMF’s board, through the institution’s Catastrophe Containment and Relief Trust (CCRT). It is estimated at $227 million (grants). 

From Oct.14 to 13 April 2021, the funds will help the IMF’s most vulnerable members to channel a greater portion of their financial resources towards emergency health, and better combat Covid-19. 

According to the related statement from IMF, 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. 

Following an assessment of how the first CCRT tranche was handled by beneficiary countries, the IMF directors said: “countries that received the CCRT debt relief are, in the main, pursuing sensible macroeconomic policies to support stability in response to the economic fallout from the pandemic.”

They added that “resources freed up by the initial tranche of CCRT debt service relief were helping to provide emergency health, social and economic support to mitigate the impact of the pandemic on lives and livelihoods.” 

Séna Akoda

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