Coronavirus: IMF, World Bank Suspend Debt Payments By Nigeria, Others

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The International Monetary Fund and World Bank on Wednesday announced a hold on debt payments from Nigeria and other sub-Saharan Africa nations so that they can battle the coronavirus pandemic.

Debt Management Office in January stated that the Federal Government and the 36 states, as well as the Federal Capital Territory, owed a total N26.22tn as of September 30, 2019.

The PUNCH reports that the amount indicated that the total public debt rose by 2.02 per cent in 12 months – from September 2018, when the Federal Government, the states and the FCT owed a total of N25.7tn.

“The World Bank Group and the IMF believe it is imperative at this moment to provide a global sense of relief for developing countries as well as a strong signal to financial markets,” the Washington-based development lenders said in a joint statement.

– Punch

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