The Caribbean is expected to benefit from a €100 million grant agreement signed Friday by the European Union (EU) with the International Monetary Fund's Poverty Reduction and Growth Trust (PRGT).
The funds will allow the IMF to make an estimated €630 million worth of zero interest loans available to PRGT-eligible countries, including African, Caribbean and Pacific countries facing balance of payments difficulties.
The IMF said the EU's contribution is part of Team Europe's response to the crisis as it complements pledges by EU member states to channel Special Drawing Rights to the IMF's Trusts for on-lending, and their grants to the IMF's PRGT Subsidy Account.
Team Europe has so far pledged to channel SDRs contributions equivalent to about US$23 billion.
Commissioner for Economy, Paolo Gentiloni, said the economic shockwaves from Russia's war against Ukraine are hitting low-income countries hardest, spurring demand for concessional loans from the IMF's Poverty Reduction and Growth Trust.
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