IMF grants debt relief 28 countries, excludes Nigeria

The Executive Board of the International Monetary Fund (IMF) has excluded the country from the list of 28 countries granted debt pardon.

The action forms a third tranche of grants for debt service relief for the affected 28 member countries under the Catastrophe Containment and Relief Trust (CCRT).

The action is coming after two initial tranches that were approved on April 13, 2020 and October 2, 2020, respectively.

In a report released on Monday, the Fund said the approval will enable the disbursement of grants from the CCRT for payment of all eligible debt service falling due to the IMF from its poorest and most vulnerable members estimated at SDR 168 ($238) million.

According to the release, beneficiaries of previous CCRT tranche are Afghanistan, Benin, Burkina Faso, Burundi, Central African Republic, Chad, Comoros, Democratic Republic of the Congo, Djibouti, Ethiopia, and The Gambia.

Others are Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

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