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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list

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ChooBoy


Manager - Equity Analytics
Manager - Equity Analytics
COLOMBO (News 1st): The International Monetary Fund on Monday (13th April) said, it will provide immediate debt service relief to 25 member countries under its Catastrophe Containment and Relief Trust also known as CCRT, to allow these countries, to focus their scarce resources on fighting the coronavirus pandemic.
However, Sri Lanka is not among the 25 member countries set to receive the debt service relief.
“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,” said IMF Managing Director, Kristalina Georgieva in a press release issued on the 13th of April.
The Fund’s executive board on Monday (13th April), approved the first batch of countries to receive grants to cover their debt service obligations to the Fund for an initial six months.
At present, the CCRT can facilitate up to US$500 million in resources, including new pledges of US$ 185 million from Britain, US$100 million from Japan, and undisclosed amounts from China, the Netherlands and others.
“I urge other donors to help us replenish the Trust’s resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries,” said Kristalina Georgieva.
The Fund is pushing to raise the amount available to $1.4 billion.
According to the press release, the countries that will receive debt service relief are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

ChooBoy


Manager - Equity Analytics
Manager - Equity Analytics
RW must be the invisible hand according to Panchayudaya!

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
IMF Quota Subscriptions, GRA’s Holdings of Currencies, Reserve Tranche Positions, and Outstanding Credit and Loans at April 30, 2019 (in millions of SDRs). Countries underlined in red have been offered Debt Relief by the IMF.
https://www.imf.org/external/pubs/ft/ar/2019/eng/assets/pdf/imf-ar-2019-financial-statements.pdf

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1110
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1210
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1310

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1410
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1510
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1610

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1710

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list 1911

https://www.imf.org/external/pubs/ft/ar/2019/eng/assets/pdf/imf-ar-2019-financial-statements.pdf

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
Afghanistan, Nepal, 23 other countries get IMF Coronavirus debt relief
Tuesday April 14, 2020 06:15:31

ECONOMYNEXT – South Asian nations of Afghanistan, Nepal and 23 other African and small island nations will be given debt relief for the next six month, the International Monetary Fund said.

“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,” IMF Managing Director, Kristalina Georgieva said in a statement.

IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list Imf-co10

The IMF periodically bails out countries with mainly soft-pegged monetary arrangements without reforming the central bank’s domestic operations permanently to block them from getting into currency crisis.

The money given is typically invested in US Treasuries to bring down American interest rates.

The agency was set up after World War II to help countries that got into the failed Bretton-Woods system of soft-pegs based on a Keynesian idea that a country could print money (have independent monetary policy) and maintain a stable exchange rate at the same time.

All contradictory policy gets all countries that practice such contradictory policies eventually get into currency crisis.

The entire peg system collapsed in 1971-72 when the US Fed printed money to close a so-called output gap while fighting the Vietnam War and funding then-President Nixon’s ‘Great Society’ program. (Colombo/Apr14/2020)

Quibit


Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list Imf-co11
IMF approves Immediate Debt Relief for 25 countries: Sri Lanka not in the list Screen93

samaritan


Moderator
Moderator
Gravita's interviews RW.,



https://www.youtube.com/watch?v=qv-8JyBsIpI

In the interview RW calls for strong global leadership in order to fight the pandemic and also calls for suggestions from the interviewer for recommendations of some hindi movies for him to watch.
RW Achcha Nahi!!! Very Happy


_________________




The biggest risk in life is not taking any risk at all.

Sajeewa Niranjan


Senior Equity Analytic
Senior Equity Analytic
Instead of encouraging people to doing something useful he’s being example to be useless 🤣🤣

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