Foreign News

IMF Approves Debt Relief to 25 Countries

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The International Monetary Fund (IMF) has excluded Nigeria from the list of 25 countries it granted $785 million debt relief.

IMF Managing Director, Kristalina Georgieva approved immediate debt relief to the 25 of its member countries under the revamped Catastrophe Containment and Relief Trust (CCRT).

Kristalina Georgieva said the grants was meant for the poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and  help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.

The beneficiaries included Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau and Haiti.

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