28 countries granted pardon

Nigeria has been excluded from the list of 28 countries granted debt pardon by the Executive Board of the International Monetary Fund (IMF).

The Board has approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval followed two prior tranches approved on April 13, 2020 and October 2, 2020, respectively.

In a report released yesterday, the Fund said the approval will enable the disbursement of grants from the CCRT for payment of all eligible debt service falling due to the IMF from its poorest and most vulnerable members from April 14, 2021 to October 15, 2021, estimated at SDR 168 ($238) million.

The beneficiaries of previous CCRT tranche are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Ethiopia, and The Gambia.

Others are Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

This tranche of grants for debt service relief will continue to help free up scarce financial resources for vital emergency health, social, and economic support to mitigate the impact of the COVID-19 pandemic. Subject to the availability of sufficient resources in the CCRT, debt service relief could be provided for the remaining period through from October 16, 2021 to April 13, 2022 amounting to a total of about SDR 680 ($964) million.

In March 2020, Managing Director Kristalina Georgieva launched an urgent fundraising effort to raise $1.4 billion in grants for the CCRT. This would enable the CCRT to provide financial assistance for relief on debt service for up to a maximum of two years, while leaving the CCRT adequately funded for future needs. Thus far, donors have pledged contributions totaling about $774 million, including from the European Union, the UK, Japan, Germany, France, the Netherlands, Switzerland, Norway, Singapore, China, Mexico, Philippines, Sweden, Bulgaria, Luxembourg, and Malta.

Executive Directors welcomed the opportunity to consider the approval of grants under the Catastrophe Containment and Relief Trust (CCRT) to support the third tranche of debt service relief for the Fund’s poorest and most vulnerable members. They noted that the COVID-19 pandemic continues to exact a severe human and economic toll on these countries and that the resources freed up by the first and second tranches of CCRT debt service relief had helped mitigate the impact of the pandemic.

Directors agreed that the available resources and pledges are sufficient to finance the third tranche of debt service relief for the period from April 14 to October 15, 2021. Accordingly, they approved grant assistance under the CCRT for relief for 28 eligible members that have debt service falling due during this period.

Directors concurred that countries that received the CCRT grants for debt relief are generally pursuing appropriate macroeconomic policies in response to the economic fallout from the global pandemic. They welcomed that a number of member countries were transitioning to Upper Credit Tranche-quality arrangements which would provide a stronger policy framework for the recovery period. Directors also observed that most countries would benefit from a resumption of Fund surveillance and updated debt sustainability assessments.

The Fund directors noted the progress made in implementing governance safeguards commitments regarding COVID-19 related spending in CCRT-eligible countries. However, they regretted implementation delays in some countries, particularly in disclosing beneficial ownership information on entities awarded government contracts. Directors thus underscored the importance of continued follow-through on the commitments on governance and transparency, supported if necessary, by technical assistance.

https://thenationonlineng.net/imf-excludes-nigeria-from-debt-relief/

they knew that under this useless government, there is no means of repaying.

thunder scatter people when they support evil government and kola-nut teeth

Good news

They will still go and borrow again....seems they are cool with the "Beggar tag"

Na so

Poorest countries
The beneficiaries of previous CCRT tranche are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Ethiopia, and The Gambia.

Others are Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

Donors are

Thus far, donors have pledged contributions totaling about $774 million, including from the European Union, the UK, Japan, Germany, France, the Netherlands, Switzerland, Norway, Singapore, China, Mexico, Philippines, Sweden, Bulgaria, Luxembourg, and Malta.
...Well Nigeria is not a poor country, Mali is on that list and sometimes in history the Richest country in the world...

Then if you remember professor Lumumba "Africa is on dinner table Eaten by Superpowers"
Let's also remember 'As you lay your bed...'

In a way I'm glad about this since it seems most of the money gotten from loans have been mismanaged, looted and relooted.

So many loans and accrued debts yet no significant change in the live of the average Nigerian, no serious economic, human or capital development.
They only care about their pockets, maintaining their lavish lifestyle and oppressing the poor/average Nigerian with stupid policies, multiple taxation and lackadaisical attitude towards leadership!

How do we expect to get debt relieve with the current crop of politicians?

Nigerian seems to be on auto-pilot.
The major problem our country have is that this present political class see themselves as "Rulers and not Leaders". Always talking about ruling but none talking about leading.

I LOVE MY COUNTRY BUT I'M ASHAMED OF OUR LEADERS!

It's well

What do you expect from a Lifeless country? Nigeria is not Poor, Our Resources dried up as a result of Massive Looting!

It's seams IMF noticed we are not so much hit by Covid 19 despite figures/statistics we've been rolling out.

The giant and biggest economy of Africa but somehow, countries like Ghana, South Africa, Gabon could not be found on that list. Shameful.

They should not relief anything abeg

very good....make the useless thieves pay the money back!

Ok

Very good....Stop giving money to these useless leaders that would use the money for tungba and chop life instead of helping the masses.

Nigeria under these lawless people have finished

We must vomit this one.

Nice one.

PatriotExact:
Nigeria under these lawless people have finished

....is.....

Not surprised though, we've not starting paying and still looking for where to borrow from.

1

Good one! You can’t be flaunting wealth and expect debt relief!! China too will come for their money, or confiscate critical Nigerian assets!

From 16T in almost Nigeria’s inception debt to 33T in less than 6 years. APC posterity will judge each and everyone one of you! Including the PDP..

It is welk

blinking001:
A

A for Apple

I Dont Even Know Wheather To Cry, Laugh Or Smile

Nigeria will never get better

BlessedNuel:
They will still go and borrow again....seems they are cool with the "Beggar tag"

One day, when you are old enough to have a business, you will realize that the bigger your ability to take loans, the more well off you are in life.

Dangote still borrows, bill gate borrows, China borrows, US borrows,the EU borrows. Borrowing is not the problem, it's what you use the borrowed loan for that might be a problem

AceRoyal:
K

K for Kettle