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A statement has been issued by Ms Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) to grant Immediate Debt Relief to 25 Countries. Nigeria is not on the list.
The countries that will receive debt relief 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.
IMF urges the indebted nation to end debt collection starting May 1 through June 2021. IMF’s Catastrophe Containment and Relief Trust (CCRT) is funding the debt relief. However, countries like Japan, Britain, the Netherlands and China are also major contributors of the $500 million currently available.
By providing this debt relief, the IMF is helping these countries channel fund into fighting COVID-19 and dealing with the coronavirus pandemic.
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They will also be ensuring that no poor country faces a debt burden it cannot manage.
Countries usually have to meet certain criteria to participate in IMF relief funds. The IMF criteria state that a country must show commitment to the reduction of poverty through policy changes. They must also demonstrate a good track record over time. Nigeria is not the list as the country is not part of the IMF Heavily Indebted Poor Countries (HIPC).
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