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Trust fund established to help Caribbean manage debt
WASHINGTON DC—The World Bank says a successful multi-donor trust fund has launched a new phase with commitments from donors for close to US$20 million to help the Caribbean and other poor countries manage debt. The World Bank said the Debt Management Facility II (DMF II) programme builds on previous success in debt-management advisory work and marks the beginning of a new partnership between the World Bank and the International Monetary Fund.
The partnership will be dedicated to strengthening the capacity of the Caribbean and other developing countries to manage their debt in a manner that is sustainable and encourages economic development, the World Bank said. It said the facility expects to raise US$40 million, adding that the “new pot of money” will extend the work of the first DMF, a US$22 million trust fund that the World Bank launched in November 2008.
The initiative was born out of a recognition that low-income countries graduating from debt-relief programmes, such as the Heavily Indebted Poor Countries, might continue to struggle.