mitrobeThe International Monetary Fund (IMF) has announced the approval of debt service relief to 25 countries excluding Nigeria.
Nigeria absolutely didn’t make the list of 25 countries to be granted debt relief financial assistance by the International Monetary Fund (IMF).
In a statement issued by Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF);
“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.
“This provides grants to our 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 US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the U.K. and US$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.”
The countries that will receive debt service relief today 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.
“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.
Nigeria was practically excluded from the list. Nigeria has a maximum crude oil production capacity of 2.5 million barrels per day and is Africa’s largest producer of oil.
Currently the most populous nation on the continent is also the sixth largest oil producer in the world. Despite this, the country continues to beg international organizations for money.
For decades, Nigerians blame the prevalence of poverty on corruption, unaccountability, lack of transparency, size of government and officials’ extravagance.
She disclosed that the IMF COVID-19 Rapid Credit Facility would be drawn from Nigeria’s existing holdings with the World Bank Group and IMF.
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James steller
