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IMF excludes Nigeria as it grants debt relief fund to Ghana, Togo and 23 other countries | Thekokospot

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IMF excludes Nigeria as it grants debt relief fund to Ghana, Togo and 23 other countries

PublishedBy: in NewsApril 14, 2020


The International Monetary Fund,  IMF executive board, on Monday approved immediate debt service relief for 25 of it’s member countries under the Fund’s revamped Catastrophe Containment and Relief Trust (CCRT).

The beneficiaries include, 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.

Managing Director of the Fund, Ms Kristalina Georgieva in a statement said deal is part of the Fund’s response to help address the impact of the Coronavirus pandemic.

She said, “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.”

Nigeria had amongst other members of the African Union  requested for debt relief from international lenders as the continent battles the coronavirus pandemic.

Also Nigeria specifically applied for a $3.bn loan from the IMF to help in funding palliatives and support government spending as the coronavirus threatens revenue and foreign exchange

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