See full list of 25 'poor countries' granted debt relief by the International Monetary Fund

The International Monetary Fund (IMF) has announced it has granted debt relief to over 25 poor member countries.

The International Monetary Fund (IMF) is an organization of 189 countries, that helps foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and reduce poverty around the world.

Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership and helps countries during times of financial crisis.

Describing the Covid-19 pandemic as an unexpected shock to the financial situations of so many countries, the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva, in a statement in Washington last night, announced debt service relief for 25 poor countries saying the debt relief was to enable the affected countries to better tackle the COVID-19 pandemic.

The countries that were relieved of the debt include 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.

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 (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic.

“This provides grants to our poorest and most vulnerable members 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.

“The CCRT can currently provide about US$500 million in grant-based debt service relief, including the recent US$185 million pledge by the UK and US$100 million provided by Japan as immediately available resources. Others, including China and the Netherlands, are also stepping forward with important contributions. I urge other 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.”

Comments

See how Tinubu reacts to #EndSARS protests, says police reforms has begun

See how Tinubu reacts to #EndSARS protests, says police reforms has begun National leader of the All Progressives Congress (APC) Bola Tinubu has said the protest against police brutality in Nigeria is within the constitutional right of Nigerians. “Asiwaju Tinubu believes in the right of Nigerians to freedom of expression, assembly, and protest where and when necessary, he has always canvassed the need for people to explore peaceful channels to ventilate their views and demands,” Tinubu said in a statement by his media aide Tunde Rahman. “He believes the #EndSARS protesters have made their demands, which the Federal Government is studying.” Tinubu’s statement comes after being alleged of being one of the sponsors of the ongoing nationwide protest against brutality, extortion, harassment and extrajudicial killing by police personnel. The Cattle’s Breeders Association known as Miyetti Allah had earlier accused Tinubu of using the protest to distort the administration of President Muh...

Operators seek tax holiday, subsidy to save airlines

Operators seek tax holiday, subsidy to save airlines Worried by the fate that awaits local carriers, operators yesterday, appealed to the Federal Government to introduce some economic recovery measures to safeguard airlines from collapse. The operators, currently burdened by recurrent costs, are seeking aviation intervention fund at an interest rate of not more than five per cent. They suggested that government could take a cue from the American model of offering 50 per cent funding and grants, and 50 per cent palliatives through waivers and suspension of taxes, levies and fees among others. Besides, they called for the implementation of President Muhammadu Buhari’s Executive Order on Removal of Value Added Tax (VAT) from all forms of transportation; as domestic airlines are still the only forms of transportation paying VAT. The current restriction of both local and foreign commercial flight services has forced domestic carriers into fin...

Senate to write Buhari over dead lawmaker on FCC board

Senate to write Buhari over dead lawmaker on FCC board Senate President Ahmad Lawan will draw the attention of President Muhammadu Buhari to the erroneous inclusion of a dead person on the list of nominees sent to the Senate, The Guardian has learnt. It emerged on Wednesday that the list for the appointment of members into the Federal Character Commission (FCC) included the late Tobias Chukwuemeka Okwuru, a former member of the House of Representatives from Ebonyi State. Okwuru, the 12th on the 38-person list died in February 2020, aged 59. Until his demise, he had acted as chairman of the House Committee on Environment and had represented Ikwo/Ezza Federal Constituency between 2011 and 2015. This is, however, not the first time names of the dead have featured in appointments by Buhari since he became president in May 2015. In 2017, the names of five persons said to be dead appeared on a list of appointments onto the boards of federal agencies and corporations. They were:...

Gtechone

Search This Blog