Global Upfront Newspapers
Breaking NewsCoverNewsWorld News

COVID-19: China, G20 Members, World Bank Offer Nigeria, Other Developing Countries Debt Relief

By THEWILL – April 17, 2020

Nigeria and other countries in the International Development Association, IDA, have been granted debt relief by China and other members of the G20 block as well as the World Bank Group following the damage to their economies by the coronavirus pandemic.

World Bank Group President David Malpass Friday formally announced the development during his remarks at the Development Committee at the World Bank Group/International Monetary Fund 2020 Virtual Spring Meetings in Washington DC.

The World Bank he said is committing about $160 billion over the next 15 months to help developing countries recover from the effect of the pandemic.

Malpass also urged commercial creditors of governments to support sovereign debt reduction efforts too.

“Beyond the health impacts from the COVID-19 pandemic, we are expecting a major global recession. Our estimates suggest a much deeper global downturn than the Great Recession, given the declines in production, investment, employment and trade.

And while the tragic impacts of this pandemic are being felt globally, this crisis will likely hit the poorest and most vulnerable countries – and people – the hardest. IDA countries, which are home to two-thirds of the world’s extreme poor, will be severely affected,” he said.

The IMF had earlier this week announced debt relief to about 25 poor countries including The Gambia and Liberia.

Nigeria is presently not indebted to the IMF though it recently applied for a loan from the Fund for use to support the economy following the impact of COVID-19.

Advertize With Us

See Also

Nigerian Army strategic to sub-Saharan Africa region security, says Senegalese military Chief, General Niang

Global Upfront

Court dissolves Witch Doctor’s marriage on grounds of blackmail by wife

Global Upfront

General Yahaya assumes office as COAS Friday, Courses 35, 36 and some 37 Army officers proceed on retirement

Global Upfront

IFAD signs US$180.4 million agreement to boost development and resilience of rural populations in 6 Sahel region countries

Global Upfront

VP Shettima Aborts U.S. Trip For U.S.-Africa Summit As Presidential Jet Develops Technical Fault Midway

Global Upfront

Nigeria’s Defence/Security sector to get highest allocation in 2022 budget, Senate President assures

Global Upfront

NDLEA Intercepts 1.9 Million Tablets of Tramadol, Codeine At Lagos Airport

Global Upfront

Revolution In Nigeria: Do We Have What It Takes?

Global Upfront

“PDP!  Power To Wike!!” By Comfort Obi

Global Upfront

Conduct Full Review Of 2024 Budget, Deploy Funds To Critical Areas, Peter Obi Tells Presidency, National Assembly

Global Upfront

This website uses Cookies to improve User experience. We assume this is OK...If not, please opt-out! Accept Read More