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United Kingdom Boosts IMF’s Catastrophe Relief Fund with £150 million

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Via IMF (Den Internationale Valutafond)

United Kingdom Boosts IMF’s Catastrophe Relief Fund with £150 million







March 11, 2020















Washington, DC – March 11, 2020
The United Kingdom announced a package of measures today to respond to the
economic challenges of coronavirus, including that it will contribute £150
million to the International Monetary Fund’s

Catastrophe and Containment Relief Trust

(CCRT), which provides debt relief to countries hit by catastrophic events
including public health disasters. The contribution will be in the form of
a £75 million grant directly to the trust, plus additional £75 million
earmarked in the budget and contingent to demand.

“I welcome the economic and fiscal measures announced in the UK
government’s budget statement to address the economic impact of the
coronavirus epidemic. The coordinated monetary and fiscal policy measures
will help to alleviate the health challenges and support households and
businesses to bridge through the economic challenges facing the country,”
said IMF Managing Director, Kristalina Georgieva. The Managing Director
also welcomed the announcement that HM Treasury would conduct a review of
the UK’s fiscal framework.

The Managing Director praised in particular the UK’s support for the CCRT.
“This contribution represents a most welcome response to

the International Monetary and Financial Committee’s (IMFC) call on the
membership

to provide the necessary support to mitigate the impact of the coronavirus
crisis, especially for the poorest and most vulnerable countries. I urge
other member countries to follow the UK’s leadership in contributing to the
CCRT. By working together, we can overcome the global challenge facing us
and restore growth and prosperity for all.”

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The CCRT allows the IMF to support international debt relief efforts when
poor countries are hit by natural disasters and to assist poor countries
battling public health crises—such as epidemics like the coronavirus—with
grants for debt service relief. Last week, Ms. Georgieva called upon the

international community to help replenish the CCRT
, which had only $200 million available for the world’s poorest countries.


IMF Communications Department
MEDIA RELATIONS

PRESS OFFICER: Andreas Adriano

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson








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