Nigeria is missing on the list of 25 countries granted debt relief by the International Monetary Fund (IMF).
IMF managing director, Ms. Kristalina Georgieva, in a statement she issued yesterday, announced an immediate debt relief for 25 countries, mostly in sub-Saharan Africa.
The beneficiaries are those considered poorest and most vulnerable member- countries to help them provide medical and relief materials against coronavirus pandemic.
The countries are Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.
“Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic,” Georgieva said in the statement that was released from its headquarters in Washington DC.
The IMF boss said that the intervention provides grants to its poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.
“The CCRT can currently provide about $500 million in grant-based debt service relief, including the recent $185 million pledge by the UK and $100 million provided by Japan as immediately available resources.
“Others, including China and The Netherlands, are also stepping forward with important contributions. I urge other donors to help us replenish the Trust’s resources and boost further our ability to provide additional debt service relief for a full two years to our poorest member countries,” Georgieva added in the statement.