With debt exposure of $11.7 billion, Nigeria ranked fifth among the top 10 countries with the highest debt risk exposure.
“As of June 30, 2021, the ten countries with the highest exposures accounted for 66% of IDA’s total exposure,” the organization said.
“Monitoring these exposures relative to the SBL, requires consideration of the repayment profiles of existing loans, as well as disbursement profiles and projected new loans and guarantees.” The financial report revealed further that a total of $19.5 billion loans would be disbursed to Nigeria. The breakdown include $1.46 billion loan approved but not yet signed, $6.61 billion signed loan commitment, and $11.47 billion outstanding loan.IDA in its report said it participated in two comprehensive debt relief initiatives, adopted by the global development community to reduce the debt burdens of developing countries.
It added: “For a borrower to be eligible for debt relief on its loans with IDA, it is required to maintain macroeconomic stability, carry out key structural and social reforms, and maintain all loans in accrual status.”
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