• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Why IMF excluded Nigeria from list of countries granted debt relief

Chidinma Nwagbara by Chidinma Nwagbara
April 14, 2020
in Business News, Politics, Spotlight
IMF says it can mobilize $1 trillion loan to help countries counter Coronavirus

Kristalina Georgieva

Share on FacebookShare on TwitterShare on Linkedin

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva has announced that the Fund would provide $500 million in grant-based debt service relief to 25 countries.

The 25 beneficiaries 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.

“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,” said IMF’s Managing Director, Kristalina Georgieva.

RelatedStories

IMF projects reduced economic growth for Sub-Saharan Africa

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025

 (READ ALSO: Oil firms’ debt status: How it affects Nigerian banks)

According to Georgieva, the relief was provided to the poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months. She noted that the fund would help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.

Countries granted immediate debt service relief over an initial 6-month period on their IMF obligations can now channel more financial resources towards vital #COVID19 emergency medical and other relief efforts. https://t.co/CHMbs5qCCs

— IMF (@IMFNews) April 13, 2020

[READ MORE: Nigeria’s foreign debt has breached a 15-year trigger)

She went on to urge donors to help the Fund replenish the Trust’s resources and boost its ability to provide additional debt service relief for full two years to IMF’s poorest member countries.

IMF raises Nigeria’s growth forecast, Globat trade tension, US-China trade war, International Monetary Fund IMF, IMF, Christine Lagarde resigns
IMF building

Recall that the IMF had disclosed the United Kingdom’s recent pledge of US$185 million as well as the US$100 million provided by Japan as part of the CCRT.

Nigeria’s exclusion from the list has become a topic of discussion in the media space, as many are already worried about the country’s debt portfolio and the unwillingness of international organisation to provide relief at this time of the Coronavirus pandemic.

What you should know: Nigeria was never part of the countries indebted to IMF. Contrary to the news going viral, Nigeria’s exclusion from the list should have never been debated as the West African country is not owing the Fund.

It is pertinent to note that the novel Coronavirus is shutting down economies on a global scale, thereby sending different countries into emergency distress. It is in this light this that the IMF is relieving them of their debts in order to help sustain and complement their efforts at reviving their economies.

The debt relief will help countries move towards achieving the UN Millennium Development Goals, which aim at halving poverty by 2015. Debt in developing countries is singled out as a principal cause of poverty, causing human suffering and misery as well as hampering economic development.


Follow us for Breaking News and Market Intelligence.
Tags: Coronavirus pandemicIMF debt reliefInternational Monetary FundKristalina GeorgievaNigerian Business News
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

Related Posts

IMF projects reduced economic growth for Sub-Saharan Africa
Cryptos

IMF flags cross-border crypto risks for Nigeria as global market surges 1,511% in five years 

July 9, 2025
IMF, Import restrictions
Economy

IMF flags absence of social buffer for poor Nigerians amid reforms 

July 8, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Economy

Nigeria’s fiscal deficit may hit 4.7% of GDP in 2025 – IMF 

July 3, 2025
IMF, Import restrictions
Economy

IMF backs CBN’s tight monetary policy to curb inflation

July 2, 2025
IMF tells FG to increase electricity and fuel prices by phasing out subsidies
Companies

2025 Article IV: IMF commends Nigeria’s economic reforms

July 2, 2025
GDP
Economy

IMF raises Nigeria’s 2025 GDP growth forecast to 3.4%

July 2, 2025
Next Post
Oil price decline is driven by poor market

Oil market still uncertain over OPEC+ deal

Comments 6

  1. Emmanuel Edet says:
    April 14, 2020 at 11:26 am

    I am not sure of what I read. Nigeria is not indepted to IMF? Please throw more light.

    Reply
  2. sam says:
    April 14, 2020 at 4:16 pm

    In fact, Nigeria has a $3.4 billion contribution with the IMF at the moment. Ahmed, Finance Minister, two weeks ago said the nation has filed with the Fund to access the entire $3.4 billion. Therefore, it makes no sense for the IMF to grant Nigeria debt relief when she is not owing debt.

    Reply
  3. Anonymous says:
    April 14, 2020 at 4:46 pm

    Like Nigeria down owe any debt at all to the IMF?I need some clarity please

    Reply
  4. Ani ibrahim says:
    April 14, 2020 at 10:07 pm

    Yes Nigeria is not indebted to IMF meaning Nigeria is not as poor as some people and press report everybody thank you Mr President

    Reply
  5. Adekunle says:
    April 15, 2020 at 1:33 am

    I’m not also very sure of what i read as y relates to the topic.

    Reply
  6. Mustapha Abdullahi Mai Asho says:
    July 17, 2020 at 10:01 am

    Really off course Nigerians are really suffering despite the bulk amount of debt, but the country’s economy is downfalling with abundance of poverty. If the issue of debt in Nigeria is attached with transparent duties, I believe most of Nigerians would not be suffering from abject poverty. We see no impact of the ongoing episodes of debt in Nigeria toward economic development.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Heirs Insurance Group achieves 70% revenue spike in FY2024; hits N61 billion GWP 
  • AI holds key to exposing frequent budget padding, enhancing fiscal efficiency in Nigeria – Dr. Nasir Aminu 
  • RIP Muhammadu Buhari: Nigeria never had it this bad 

Follow us on social media:

Recent News

Heirs Insurance Group achieves 70% revenue spike in FY2024; hits N61 billion GWP 

Heirs Insurance Group achieves 70% revenue spike in FY2024; hits N61 billion GWP 

July 14, 2025
AI holds key to exposing frequent budget padding, enhancing fiscal efficiency in Nigeria – Dr. Nasir Aminu 

AI holds key to exposing frequent budget padding, enhancing fiscal efficiency in Nigeria – Dr. Nasir Aminu 

July 14, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics