Why IMF excluded Nigeria from debt relief for 25 poor nations - Finance minister

Why IMF excluded Nigeria from debt relief for 25 poor nations - Finance minister

- IMF excluded Nigeria from debt relief because the country is not indebted to the organisation

- According to Zainab Shamsuna Ahmed, Nigeria has however applied for new IMF financing

- The minister said the application is currently under consideration

The finance minister Zainab Shamsuna Ahmed has revealed the reason the International Monetary Fund (IMF) excluded Nigeria from the recently announced debt relief for 25 poor nations.

According to the minister, Nigeria has no outstanding debt obligation with the organization.

Going further, she said Nigeria has however applied for new IMF financing and this is currently under consideration.

"Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. Nigeria’s application for new IMF financing is under consideration and receiving attention. The new application is for financing under the Rapid Financing Initiative (RFI).

"Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on International Monetary Fund website," she disclosed this in a tweet.

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Meanwhile, Legit.ng had reported that the federal government on Tuesday, April 14, announced that it received a grant of €50 million from the European Union to fight coronavirus pandemic.

Legit.ng reported that President Muhammadu Buhari’s spokesman, Femi Adesina, disclosed this in Abuja, the nation's capital.

The grant was announced by the head of EU delegation in Nigeria, Ambassador Ketil Karlsen, at a meeting with President Buhari in Abuja.

Adesina stated: “EU gives Nigeria a grant of 50 million Euro to fight COVID-19. Head of EU delegation, Amb Ketil Karlsen, at the event commended President Buhari for “your powerful address to the nation last night,” and for “the bold and necessary measures you’ve taken.”

Meanwhile, Legit.ng had previously reported that the International Monetary Fund (IMF) granted debt relief to 25 countries, mostly African nations excluding Nigeria.

It was reported that a statement by the managing director of the IMF, Kristalina Georgieva, said it would provide $500m in grant-based debt service relief to these countries.

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Coronavirus: Nigeria excluded from 25 nations granted debt relief by IMF

This was announced on Monday, April 13, by the managing director of the IMF.

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Source: Legit.ng

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