WASHINGTON — The International Monetary Fund (IMF) Executive Board approved on Friday a fourth tranche of debt service relief from the Catastrophe Containment and Relief Trust (CCRT) for 24 member countries "with eligible debt falling due in the period through Jan. 10, 2022."

The approval of the fourth tranche totals about SDR 87.9 million ($124 million).

The IMF noted "Subject to the availability of sufficient resources in the CCRT, debt service relief for all beneficiary countries could be provided for the remaining period from Jan. 11 to April 13, 2022, amounting to approximately SDR 82.1 million and a cumulative debt service relief of about SDR 690 million ($973 million) for the entire two-year period."

This debt service relief "helps free up scarce financial resources for vital health, social, and economic support to mitigate the impact of the COVID-19 pandemic," the IMF said.

The Executive Board also approved the inclusion of the Kyrgyz Republic and Lesotho among the beneficiary countries. In March 2020, IMF chief Kristalina Georgieva launched an urgent fundraising effort to raise SDR one billion ($1.4 billion) in grants for the CCRT.

The IMF has approved a fourth round of debt relief for 24 poor nations including new recipients Lesotho and Kyrgyzstan to help them weather the COVID-19 pandemic.

The relief, under the Washington-based crisis CCRT, enables the IMF to provide grants to the poorest and most vulnerable countries hit by a natural disaster or public health crisis.

"This debt service relief helps free up scarce financial resources for vital health, social and economic support to mitigate the impact of the COVID-19 pandemic," the institution said.

Besides Kyrgyz Republic and Lesotho, Benin, Burkina Faso, Burundi, Central African Republic, Comoros, Djibouti, Ethiopia, the Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Nepal, Niger, Rwanda, Sao Tome and Principe, Sierra Leone, Solomon Islands and Tajikistan received aid.

However Afghanistan, which had previously received relief, would not be getting aid this round because "there remains a lack of clarity within the international community regarding the recognition of the government in Afghanistan.

"As such, the Fund's engagement with Afghanistan continues to be on pause," the statement said. — Agencies