The International Monetary Fund has granted debt relief to 25 countries, mostly African nations excluding Nigeria.
A statement by the Managing Director of the IMF, Kristalina Georgieva, said it would provide $500m in grant-based debt service relief to these countries.
It 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.
According to a report entitled ‘Maintaining Banking System Safety amid the COVID-19 Crisis’, IMF Director of the Monetary and Capital Markets Department, Tobias Adrian, called for the restructuring of loans extended to sectors that were adversely affected by the pandemic.The IMF official also advised that banks should not hide their losses.“Transparency helps prepare all stakeholders; surprises only worsen their response, as was proven during the 2008 crisis.
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