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<p>The Government has been vocal in supporting the IMF in its response to liquidity
challenges posed by Covid-19.</p><p> </p><p>In response to the crisis, the IMF has
doubled its concessional emergency financing support available through the Poverty
Reduction and Growth Trust (PRGT) and provided debt relief through the Catastrophe
Containment and Relief Trust (CCRT). Several African countries have benefited from
support from the PRGT and CCRT.</p><p> </p><p>The UK has strongly supported these
efforts. In the face of increased demand for PRGT and CCRT resources, the UK has recently
agreed a new £2.2bn loan to the PRGT and provided a contribution of up to £150m to
the CCRT.</p><p> </p><p>The Government welcomes the IMF’s recent agreement on a new
instrument, the Short-term Liquidity Line, to provide liquidity support for IMF members
with strong macro-economic fundamentals. The Government has also encouraged the IMF
to keep the possibility of a Special Drawing Rights allocation under review, and will
continue to do so.</p><p> </p><p>HM Treasury is the department responsible for the
UK’s relationship with the IMF. The relevant Cabinet committees have agreed on the
importance of supporting vulnerable countries in responding to the crisis, including
through the IMF.</p>
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