Rwanda is set to benefit from an $11 million debt service relief from the International Monetary Fund for an initial period of 6 months.
The debt relief is part of a move by the global financial institution to offer immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust as part of the Fund’s response to help address the impact of the COVID-19 pandemic.
The Catastrophe Containment and Relief Trust is in position to provide about $500 million in grant-based debt service relief.
The IMF in March approved $109.4 million credit to Rwanda.
The emergency assistance is drawn under the Rapid Credit Facility (RCF), which provides rapid concessional financial assistance with limited conditionality to low-income countries.