Covid-19: IMF excludes Nigeria, grants debt relief to 25 countries

The International Monetary Fund (IMF) has granted debt relief to 25 African countries to enable them contain the spread of the novel disease, covid-19.

The IMF, however, excluded Nigeria from the list of African countries that would benefit from the relief.

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Kristalina Georgieva, the IMF Managing Director, made this known in a statement on Monday, April 13.

Kristalina Georgieva, said it would provide $500m in grant-based debt service relief to these countries, the Punch reports.

IMF listed the beneficiaries as Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo and Yemen.

Meanwhile, the fund has advised commercial banks to restructure loans in a bid to mitigate the impact of the COVID-19 pandemic.