{"id":570814,"date":"2020-04-15T04:32:18","date_gmt":"2020-04-15T04:32:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/"},"modified":"2020-04-15T04:32:18","modified_gmt":"2020-04-15T04:32:18","slug":"imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/","title":{"rendered":"IMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19"},"content":{"rendered":"

<\/a> IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for <\/strong>covid-19: <\/strong>The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement<\/a>. This allows the countries \u2014 which are located<\/a> in sub-Saharan Africa, Asia, and the Caribbean \u2014 to use a combined USD 214 mn to combat covid-19, according to calculations by UK charity Jubilee Debt Campaign cited by the Financial Times<\/a>. This comes ahead of the IMF and World Bank\u2019s Spring Meetings this weekend, where G20 ministers are expected to approve<\/a> a short-term debt moratorium for emerging economies.<\/p>\n

Countries are lining up for bailout money: <\/strong>The IMF has so far signed off on USD 3.4 bn in anti covid-19 facilities to 12 countries in sub-Saharan Africa and eastern Europe, and there are six other pending requests, including from Nigeria, Pakistan and Columbia, according to the FT. Those funds come from an IMF \/ World Bank USD 260 bn emergency fund that can be deployed to countries eligible for support from the World Bank\u2019s International Development Association.<\/p>\n

The jury is out on what the fund should do: <\/strong>If the IMF promptly lends emerging countries, this risks further driving away foreign portfolio inflows to EMs by crowding out private investors, who would be brought to expect losses in case of sovereign defaults, economist Tobias Krahnke writes in a column for the Centre for Economic Policy Research\u2019s policy portal Vox<\/a>. Foreign investors have already pulled a record USD 83 bn<\/a> from emerging markets in March in a global risk-off, leading to a debate on what the IMF should do in case countries go looking for other sources of finance. In effect, it is \u201cnot whether the IMF has sufficient resources for large-scale financial assistance to all of its members in need, but that such assistance would ultimately be counterproductive,\u201d says Krahnke.<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for covid-19: The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement. This allows the countries \u2014 which are located in sub-Saharan Africa, Asia, […]<\/p>\n","protected":false},"author":1,"featured_media":570815,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9272],"tags":[107,72,1510],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-570814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-macro-picture","tag-covid-19","tag-enterpriseam","tag-the-macro-picture","wpautop","entry"],"acf":{"mongo_id":"ad8f9841-bf00-4d40-ac63-bb91604dea24","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2020\/4\/140.jpg","photo_position":"above","related_issue":[570798],"teaser":"","voice_url":""},"yoast_head":"\nIMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/04\/15\/imf-waives-usd-214-mn-in-debt-to-developing-countries-to-repurpose-funds-for-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF waives USD 214 mn in debt to developing countries to repurpose funds for covid-19\" \/>\n<meta property=\"og:description\" content=\"IMF relieves 25 developing nations from USD 214 mn in debt to repurpose funds for covid-19: The IMF has canceled debt payments for 25 of its most vulnerable sovereign debtors through grants from its catastrophe trust CCRT, the lender said in a statement. 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Developing countries are facing a\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/4\/16.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573511,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/amer-calls-for-huge-imf-world-bank-rescue-package-for-africa\/","url_meta":{"origin":570814,"position":1},"title":"Amer calls for huge IMF, World Bank rescue package for Africa","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"Amer calls for huge IMF, World Bank rescue package for Africa: Central Bank of Egypt Governor Tarek Amer has called on the IMF and the World Bank to extend more than USD 500 bn in financial assistance to African countries, the local press reports. Speaking at the IMF \/ World\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/8\/45.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570852,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/16\/paris-club-agrees-on-debt-relief-plan-for-developing-countries\/","url_meta":{"origin":570814,"position":2},"title":"Paris Club agrees on debt relief plan for developing countries:","author":"enterpriseam admin","date":"16 April 2020","format":false,"excerpt":"The world\u2019s biggest payday loan club agree on debt relief plan for developing countries: Officials of the Paris Club group of creditor countries have agreed to suspend debt payments owed by developing countries to rich governments this year, French Finance Minister Bruno Le Maire told reporters following a video conference\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":556832,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/20\/uneven-mena-vaccine-rollouts-threaten-regional-recovery-imf-regional-economic-outlook\/","url_meta":{"origin":570814,"position":3},"title":"Uneven MENA vaccine rollouts threaten regional recovery - IMF Regional Economic Outlook","author":"enterpriseam admin","date":"20 October 2021","format":false,"excerpt":"The post-covid recovery in Egypt and MENA continues to be \u201cuneven and incomplete\u201d with countries that had made strong progress in vaccination (including Joran, Morocco and Tunisia) likely to recover quicker than those with more sluggish rollouts, like Egypt, the IMF said in its latest Regional Economic Outlook (pdf). Though\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565251,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/29\/just-when-you-thought-the-talk-of-an-emerging-market-debt-crisis-was-over\/","url_meta":{"origin":570814,"position":4},"title":"Just when you thought the talk of an emerging-market debt crisis was over\u2026","author":"enterpriseam admin","date":"29 March 2021","format":false,"excerpt":"UN chief urges action to prevent incoming EM debt crisis: The UN secretary-general has warned that growing debt in the emerging world threatens to destabilize developing countries, tipping many into poverty, social unrest and conflict. \u201cThe response to covid and to the financial aspects [of the crisis] has been fragmented,\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/579.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572275,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/06\/17\/shrugging-off-debt-relief-initiatives-developing-countries-continue-tapping-global-debt-markets-to-plug-covid-19-financing-needs\/","url_meta":{"origin":570814,"position":5},"title":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs","author":"enterpriseam admin","date":"17 June 2020","format":false,"excerpt":"Shrugging off debt relief initiatives, developing countries continue tapping global debt markets to plug covid-19 financing needs: Developing countries are piling on more debt to finance the deficits they face as a result of the covid-19 pandemic, rather than opting for potential restructuring of their existing debts, according to the\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/6\/191.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=570814"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/570814\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/570798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/570815"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=570814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=570814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=570814"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=570814"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=570814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}