|Join Nairaland / LOGIN! / Trending / Recent / New|
Stats: 2,444,921 members, 5,505,294 topics. Date: Thursday, 02 April 2020 at 11:24 AM
IMF: Global Economy In Recession Worse Than 2009 / $4800 Sent To Me By My Brother Has Been Hijacked By Nigeria Customs / Despite Nigeria Border Closure, Benin Republic Maintains Strong Economy - IMF (2) (3) (4)
|IMF, World Bank Suspends Debt Payments By Nigeria Due To Coronavirus Pandemic by TheCalculator: 12:44am On Mar 27|
The International Monetary Fund and World Bank on Wednesday announced plans to hold on debt payments from Nigeria and other sub-Saharan Africa nations so that they can battle the coronavirus pandemic.
Debt Management Office in January stated that the Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N26.22tn as of September 30, 2019.
The PUNCH reports that the amount indicated that the total public debt rose by 2.02 per cent in 12 months – from September 2018, when the Federal Government, the states and the FCT owed a total of N25.7tn.
“The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets,” the Washington-based development lenders said in a joint statement.
“The move aims to help countries that are home to two-thirds of the world’s population living in extreme poverty – largely in sub-Saharan Africa – and qualify for the most generous, low-cost loans from the International Development Association financed by wealthier nations,” it added.
“The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries,” which will face “immediate liquidity needs to tackle challenges posed by the coronavirus outbreak,” the organisation said.
Nigeria is owing IDA $9.4m, according to the document released by the DMO in January 2020.
The IMF and World Bank asked the Group of 20 nations to support the initiative for “all official bilateral creditors to suspend debt payments from IDA countries that request forbearance.”
Among the bilateral creditors that Nigeria owes as of September 2019 are France (AFD) – $365.50m; Japan (JICA) – $76.52m; India (Exim Bank of India) – $29.59m; and Germany (KFW) – $211.45m.
In addition, the institutions called for an analysis of the financing needs these countries will face, and whether their total debt load is sustainable.
Part of the World Bank, the IDA is one of the largest sources of assistance for the world’s 76 poorest countries, providing zero or low-interest loans spread over 30 years or more, and grants to some distressed nations.
In the fiscal year ending June 30, 2019, IDA commitments totaled $22 billion, of which 36 percent was provided on grant terms, according to the World Bank, AFP reports.
|Re: IMF, World Bank Suspends Debt Payments By Nigeria Due To Coronavirus Pandemic by Renerd(m): 12:49am On Mar 27|
That's considerate of them, left to our rulers we don't deserve this,(what is wrong with me, why blame rulers for dilapidated country, when kwaroption as eaten deep into most of the country's citizen). But the fact is common man don't care in anyway.
|Re: IMF, World Bank Suspends Debt Payments By Nigeria Due To Coronavirus Pandemic by ifykris22: 12:54am On Mar 27|
And they get mind wan borrow again?
|Re: IMF, World Bank Suspends Debt Payments By Nigeria Due To Coronavirus Pandemic by sammirano: 3:06am On Mar 27|
The bas tards would have used the opportunity to substantially convert the funds. Thumbs up IMF.
|Re: IMF, World Bank Suspends Debt Payments By Nigeria Due To Coronavirus Pandemic by Goldencheese(m): 5:23am On Mar 27|
Thanks IMF and World Bank. But make God give our leaders sense sha.
|Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health |
religion celebs tv-movies music-radio literature webmasters programming techmarket
Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 46