Minister Explains Why Nigeria Is Not Among Beneficiaries Of IMF Debt Relief
The Federal Government has explained why Nigeria was not included among the 25 countries recently granted debt relief by the International Monetary Fund (IMF).
The Minister of Finance, Budget and National Development, Zainab Ahmed, explained on Thursday, April 16, 2020, that the relief was for the “poorest and most vulnerable” IMF members.
And “since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven,” Ahmed said on her official Twitter page.
She said Nigeria had applied for new financing at the IMF and the country’s application “is under consideration and receiving attention.”
“The new application is for financing under the Rapid Financing Initiative (RFI),” the Minister said.
“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.”
On Monday, the IMF had announced immediate debt relief for 25 poor countries – most in Africa, but also in the Middle-East – to help them free up funds to fight the coronavirus pandemic.