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Why Nigeria Is Not Among Beneficiaries Of Recent IMF Debt Relief – Finance Minister

 

The Minister of Finance, Price range and Nationwide Growth Zainab Ahmed, defined on Thursday why Nigeria was not amongst 25 international locations not too long ago granted debt aid by the Worldwide Financial Fund (IMF).

Quoting the IMF, she stated the aid 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 stated on her official Twitter web page.

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She stated Nigeria had utilized for brand new financing on the IMF and the nation’s software “is under consideration and receiving attention.”

“The new application is for financing under the Rapid Financing Initiative (RFI),” the Minister stated.

“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 introduced instant debt aid for 25 poor international locations – most in Africa, but additionally within the Center-East – to assist them release funds to struggle the coronavirus pandemic.

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