IMF nod to debt relief for 25 poor nations

Washington: The International Monetary Fund on Monday announced it had approved immediate debt relief for 25 poor countries to help them free up funds to fight the coronavirus pandemic.

"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.

The countries benefitting are nearly all in Africa, but also include Afghanistan, Yemen and Haiti.