Amid Covid-19 crisis, IMF announces debt relief for Nepal, 24 others

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Kathmandu, April 14

The International Monetary Organisation on Monday has introduced that it’ll present quick debt reduction to Nepal and 24 different international locations as a way to assist them fight the financial disaster brought on by the coronavirus outbreak.

In a press release, IMF Managing Director Kristalina Georgieva says, “This gives grants to our poorest and most weak members to cowl their IMF debt obligations for an preliminary part over the subsequent six months and can assist them channel extra of their scarce monetary assets in the direction of very important emergency medical and different reduction efforts.”

Under its Catastrophe Containment and Relief Trust (CCRT), the IMF can at present present about US$500 million in grant-based debt service reduction, together with the current US$185 million pledge by the UK and US$100 million offered by Japan as instantly obtainable assets.

Likewise, China and the Netherlands amongst others are additionally stepping ahead with vital contributions, the assertion informs.

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