COVID-19: IMF Approves Debt-relief Plan for Nigeria and 24 Other Countries

The International Monetary Fund will provide immediate debt relief to 25 member countries that have requested financial assistance as they deal with the novel coronavirus pandemic.

The countries receiving the grants are among the IMF’s “poorest and most vulnerable members.”

They are: Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Democratic Republic of Congo, 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.

The funds will be used “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,” Georgieva said.

The IMF trust responsible for the funds can provide $500 million in “grant-based debt service relief.” In her statement, Georgieva urged 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.”