With the COVID-19 pandemic hitting worldwide, the International Monetary Fund has granted debt relief to 25 countries, mostly African nations excluding Nigeria.
Managing Director of the IMF, Kristalina Georgieva, said it would provide $500m in grant-based debt service relief to countries to lessen the economic effect of the pandemic.
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 as part of the Fund’s response to help address the impact of the COVID-19 pandemic.”
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The countries benefitting from the funds are 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 PrÃncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.
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