IMF to grant $500m debt relief to 25 countries excluding Nigeria

The International Monetary Fund has announced plans to grant a debt relief to 25 countries, mostly African nations excluding Nigeria.

This move was announced in a statement signed by the Managing Director of the IMF, Kristalina Georgieva.

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 as part of the Fund’s response to help address the impact of the COVID-19 pandemic,” she said.

It listed the beneficiaries as 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.

Meanwhile, the fund has advised commercial banks to restructure loans in a bid to mitigate the impact of the COVID-19 pandemic.

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