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Nigeria Gets Debt Relief From China, G-20 - Politics - Nairaland

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Nigeria Gets Debt Relief From China, G-20 by dre11(m): 6:04pm On Apr 17, 2020
China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank.

This comes less than 48 hours after TheCable launched a campaign, asking China to grant debt relief to Nigeria.

At the ongoing April 2020 virtual Spring meetings of the World Bank and International Monetary Fund (IMF), David Malpass, the World Bank president, said beginning from May I, there would be debt relief.

“IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences,” he said.

“I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA countries if they ask for forbearance.

“That’s very important because China is one of the biggest creditors and their participation in that effort is important and was very welcome.”

Countries under the International Development Association (IDA) are those with per capita income below an established threshold. The 2020 threshold is $1,175.

Countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as ‘blend’ countries.

Malpass said a system will be set up to monitor how developing countries utilise the funds made available by the debt relief.

“So if the government saves money by not paying creditors, there is an expectation that they use it for health, education, economic rebuilding, jobs and concrete ways to help the people of their country,” he said.

“There is also within the debt relief initiative, the idea that there will be monitoring and assessment of the debt sustainability of poor countries.

“That process itself will amount to transparency. That’s going to change the way that countries have been lending into the developing world and it will improve it substantially and there will be a big benefit even to the creditors.

“It’s not the best system for creditors to be making non-transparent loans into poor countries and this is going to improve the system.”

He also said the process will also ensure that developing countries get more grants and concessional loans.

https://www.thecable.ng/breaking-nigeria-gets-debt-relief-from-china-g-20

8 Likes 1 Share

Re: Nigeria Gets Debt Relief From China, G-20 by SLAP44: 6:04pm On Apr 17, 2020
So they can loot more and stash their country's money abroad?

Ok

65 Likes 3 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by ignis: 6:05pm On Apr 17, 2020
No matter the debt relief granted Nigeria, we can never be debt free under this current government.

The more the debt relief comes, the greater the borrowing capacity and tendency to borrow more and use it for frivolous irrelevant looting projects.

224 Likes 11 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by Adaogwashi1(f): 6:07pm On Apr 17, 2020
More looting for buhari government cheesy grin







I still remain Ada ogwashi cool

36 Likes 3 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by Amotolongbo(f): 6:08pm On Apr 17, 2020
This debt relief will create another previledge to borrow more money after the relief.

We aren’t going to utilize the relief.

41 Likes 3 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by rusher14: 6:09pm On Apr 17, 2020
Shouldn't you be happy your country got debt relief?

You hate the government more than you love yourself.

What a tragedy.

32 Likes 7 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by Garrieveryday: 6:11pm On Apr 17, 2020
OK. Nice

5 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by Notyamate(f): 6:12pm On Apr 17, 2020
More money to loot.

5 Likes 1 Share

Re: Nigeria Gets Debt Relief From China, G-20 by phelonrays: 6:29pm On Apr 17, 2020
Nice one from Chinko guys......
But down here its would be divert to the looting trench...
What a Ѕυ¢к ωє нανє αѕ Gσνєrnment

1 Like

Re: Nigeria Gets Debt Relief From China, G-20 by Racoon(m): 8:07pm On Apr 17, 2020
Hope they wont borrow or loot to accumulate more debts for Nigeria again?

2 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by KmniAutos(m): 8:07pm On Apr 17, 2020
In the Throes of National Hunger...

Pre lock-down...
There were 110m very poor people in Nigeria...
They exist on a subsistence level...
Scrounging for their daily bread on a day to day basis...
Feeding off the crumbs of others slightly well off...

Getting paid for washing vehicles, throwing out trash, securing parked vehicles, selling little odds and ends, collecting money from bus parks, begging the rest of the way...

That was how they lived...
Abandoned by the government...
Cheated by their own country...
Living off whatever they could lay their hands upon...

Then you have all locked down...
Alongside their sources of minimal incomes...
They complied and hoped the governments were wise sort off...
But weeks after lock-down...
The well-to-do are feeling the financial pinch...
While the poor stare starkly at a non-existent future...
Hunger beckons...
So does death via starvation...

The survival instincts set in...
They must survive one way or the other...
So they breach the lock-down policy...
And flood the streets searching for what to eat...
But the well-to-do wouldn't come out still...
For they have what to live for...
And fear for their very lives...

So the poor band and move in packs...
Armed with clubs, matchetes and firearms..
And raid all and sundry just to get a meal...
From Agege to Ikeja is the same story...
People whom hitherto were not criminals...
Go raiding homes for food and whatever else they could sell!

The governments at the states and federal levels...
Ever too intellectually incapacitated to solve problems...
Give platitudes full of nothing...
That would do nothing to assuage the pangs of hunger at the very core of the poor...

So that the Coronavirus that is hardly prevalent in Nigeria should be contained...
A bigger problem has been created...
If the structure has allowed citizens to progress as they would want...
We wouldn't have so many unprotected people whose only desire is to have a meal...

I tell you that the 1999 constitution is a debilitating disease...
That shall certainly kill more people than any virus ever could!
Destroy that constitution and save the nations of this country already...
Or retain it and allow us to slug it out to death...

My heart goes to the victims of the armed robberies pervading the land now...
But the enemy are not those hungry robbers but the Nigerian State!
Destroy that evil constitution today and allow us some peace...
Or retain it and be certain of the Death of Nigeria!

#thinkAgain as there is still a little window...
Or allow the window to close and the country to break!

Peace be unto you all.

37 Likes 5 Shares

Re: Nigeria Gets Debt Relief From China, G-20 by jericco1(m): 8:08pm On Apr 17, 2020
Waste of investment.. something that will be looted by those kaftan and babaringa wearing ruffians! undecided
Re: Nigeria Gets Debt Relief From China, G-20 by shiki(m): 8:08pm On Apr 17, 2020
Borrowing wouldn't stop, our people can borrow to loot
Re: Nigeria Gets Debt Relief From China, G-20 by mofeoluwadassah: 8:08pm On Apr 17, 2020
Eh!this people just dey cash out anyhow sad
Re: Nigeria Gets Debt Relief From China, G-20 by sanemind2(m): 8:08pm On Apr 17, 2020
Hmmm... Nigeria like this kind awoof

Meanwhile

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Re: Nigeria Gets Debt Relief From China, G-20 by ALCOHOLKILLS(m): 8:08pm On Apr 17, 2020
do we still need more money after all the billions that was donated Kai Nigeria politicians are the worst criminals the whole world. Very heartless evil men. Too bad I am still in this country... Let them continue the looting

2 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by Alvin212(m): 8:08pm On Apr 17, 2020
How
Re: Nigeria Gets Debt Relief From China, G-20 by NwaNimo1(m): 8:08pm On Apr 17, 2020
Nigeria.......a poor country.

Take....


[img]https://media./images/dc7c0f12b9cb6f6577e1d6ea9a8a4180/tenor.gif[/img]

7 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by Respect55(m): 8:08pm On Apr 17, 2020
Stealing continues

1 Like

Re: Nigeria Gets Debt Relief From China, G-20 by Collins300(m): 8:08pm On Apr 17, 2020
Am just tired of this country.every time borrow & nothing to show for it
Re: Nigeria Gets Debt Relief From China, G-20 by Mhyketh(m): 8:08pm On Apr 17, 2020
I don't understand I swear.
Re: Nigeria Gets Debt Relief From China, G-20 by shachris02: 8:09pm On Apr 17, 2020
The cable blog can lie sha.
Re: Nigeria Gets Debt Relief From China, G-20 by bmdmixer: 8:09pm On Apr 17, 2020
ignis:
No matter the debt relief granted Nigeria, we can never be debt free under this current government.
true
Re: Nigeria Gets Debt Relief From China, G-20 by PastorBK(m): 8:09pm On Apr 17, 2020
Make the bank give relief to enterprenure that borrowed here too now

I'm just passing by, I'm not an economist.
Re: Nigeria Gets Debt Relief From China, G-20 by Nobody: 8:09pm On Apr 17, 2020
Any organization,Body or individual that donate money to federal government at this time rather than using the money to feed the nation is doing (Eye service). The government has more than enough to tackle the pandemic, the federal government is not broke, it's the people that are broke and hungry!. There are several ways the government can source for money aside the one in bugdet for the health section.
It's only a FOOL that will argue that government need help most not to the masses.
If you have conviction to help the government in times like this, don't donate in cash, use it to buy equipment need to the health sector, or to the health workers.. why will you donate in cash?? Na Eye service.. FUNSHO ALAKIJA is an hero! Imagine others donating in cash did that to the community, just think of how many lives would have been touched!!!

Anybody that donate to the federal government account rather than using that money to reach out to the poor or needy has no positive impact in people's lives. #Eyeservicedonting

5 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by Kingrefreshed: 8:09pm On Apr 17, 2020
dre11:


https://www.thecable.ng/breaking-nigeria-gets-debt-relief-from-china-g-20


Nigerian Keyboard warriors association (Nairaland chapter)

Fuel is now 12.6 dollar per barrel thats about 27 naira a litre now.


Can we protest for the first time in our lives?? Lets use this time ,join forces together and make our voices heard.

1 Like

Re: Nigeria Gets Debt Relief From China, G-20 by Goldencheese(m): 8:09pm On Apr 17, 2020
Govt can now breathe a sigh of relief and now afford to send N20,000 each to all Nigerians, if it's sincere.

2 Likes

Re: Nigeria Gets Debt Relief From China, G-20 by cjudy(m): 8:09pm On Apr 17, 2020
shocked
Hope this G-20 no be another virus? Hope it's not Covid-20 Pro them just package and rename it G-20.

Just saying ooo because I don't trust those round face tecnos

1 Like

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