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HomeNewsGeneral NewsNigeria Gets Debt Relief From China, G-20

Nigeria Gets Debt Relief From China, G-20

Poorest countries in the the world which are classified as IDA countries by the World Bank, has been given debt relief by China and G-20.

Nigeria Gets Debt Relief From China, G-20

The World Bank president, David Malpass, said beginning from May 1, there would be debt relief.

He made this known at the ongoing April 2020 virtual Spring meetings of the World Bank and International Monetary Fund (IMF).

He said;

I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA countries if they ask for forbearance.

IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences.


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