Nigeria Excluded As IMF Grants Immediate Debt Relief To 25 Countries To Tackle COVID-19

The Executive Board of the International Monetary Fund IMF approved immediate debt relief for 25 developing countries to help respond to the impact of the deadly coronavirus pandemic.

The Managing Director of the international financial agency, Kristalina Georgieva explained that it would provide $500 million in grant-based debt service relief to ’25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT).’ Nigeria was however not included in the list.

Georgiva said the grants, which is provided for the poorest and most vulnerable members, will ‘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.’

She said: “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 UK 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.