The International Monetary Fund (IMF) is expanding its emergency support system to the 28 poorest countries in the world to help them reduce their debt.

The International Monetary Fund (IMF) on Monday announced providing emergency assistance to the world’s 28 poorest countries to help them reduce their debt and better deal with the effects of the crisis. Kovid-19 epidemic.

Debt relief under the IMF’s Disaster Assistance and Response Trust Fund (ARC Trust Fund) was initially launched in April 2020 at the beginning of the global epidemic. It was followed by 25 countries for a period of six months. Last October, the device was expanded to a total of 28 countries and extended until April 13, 2021.

The IMF board of directors approved on April 1 to expand the device by October 15, the Washington institution said in a press release on Monday.

$ 774 million in donor contributions

The ARC Trust Fund provides debt relief in the form of grants to the poorest and most vulnerable countries affected by catastrophic natural or public health disasters.

The goal is to “free up financial resources”, dedicating them to health, social and economic support to mitigate the effects of the epidemic.

In response to the epidemic, in March 2020, the IMF took a fundraiser to enable the ARC Trust Fund to provide debt service relief of $ 1 trillion.

“So far, donors have contributed approximately $ 774 million from the European Union, Britain, Japan, Germany, France, Netherlands, Switzerland, Norway, Singapore, China, Mexico, Philippines, Sweden, Bulgaria. The IMF said on Monday, “Luxembourg and Malta.”