THE Executive Board of the International Monetary Fund (IMF) extended a third tranche of grants for debt service relief for 28 of the fund's poorest members under the Catastrophe Containment and Relief Trust (CCRT).

The relief follows two prior tranches approved in April and October, 2020 and enables the disbursement of grants from the CCRT for debt service payments due for repayment between April 14-October 15 this year, estimated at USD 238 million.

"This tranche of grants for debt service relief will continue to help free up scarce financial resources for vital emergency health, social, and economic support to mitigate the impact of the COVID-19 pandemic," said the Washington-based lender.

The Executive Board noted that the COVID-19 pandemic continues to exact a severe human and economic toll on the 24 nations and that the resources freed up by the debt service relief had helped mitigate the impact of the pandemic.

In March 2020, the IMF chief, Ms Kristalina Georgieva, had launched an urgent fundraising effort to raise USD 1.4 billion in grants for the CCRT to provide financial assistance for relief on debt service for up to a maximum of two years.

Subject to the availability of resources in the CCRT, debt service relief could also be provided for the remaining period through from October 16, 2021 to April 13, 2022 amounting to USD 964 million.