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For Immediate Release

Contact

Aldo Caliari, Senior Director of Policy
aldo@jubileeusa.org

Press Release

IMF Extends Debt Cancellation for Poorest Countries into April

WASHINGTON -

The IMF extends debt payment relief for 25 countries through April 2022. The IMF's Catastrophe Containment and Relief Trust (CCRT) was activated early in the pandemic to provide debt relief and aid for the world's poorest countries. In all, 29 countries received nearly one billion dollars in relief.

“Debt relief remains a critical part of the global pandemic response,” said Eric LeCompte, Executive Director of the religious development group Jubilee USA Network. “Debt relief has helped countries respond to the health and economic crises. More debt relief will be needed for many developing countries.”

The IMF CCRT debt relief process was initially used for disaster-hit Haiti and then three African countries responding to Ebola. As the CCRT provided debt relief since the dawn of the pandemic, after the next phase of relief - CCRT resources will be depleted to $95 million.

“More commitments and donations are essential to provide debt relief for developing countries struggling with the pandemic,” added LeCompte. 

Read the IMF release on the CCRT extension here.

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Jubilee USA Network is an interfaith, non-profit alliance of religious, development and advocacy organizations. We are 75 U.S. institutions and more than 750 faith groups working across the United States and around the globe. We address the structural causes of poverty and inequality in our communities and countries around the world.

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