World Bank: Poorest Countries Could Save $12bn Via Debt Relief
The world’s poorest countries could save over $12 billion owed to sovereign and other creditors this year through their participation in a debt-relief programme, according to estimates published in a new database from the World Bank.
The IMF also in April provided $500 million in grant-based debt service relief to 25 countries, excluding Nigeria, which is not covered under the joint Bank-Fund Debt Sustainability Framework for Low-Income Countries. The IMF and the World Bank are supporting the implementation of the DSSI by monitoring spending, enhancing public debt transparency, and ensuring prudent borrowing.
According to the new World Bank data, under the DSSI, Angola alone could save some $3.4 billion of the estimated $12 billion, with Pakistan, the second-largest saver among eligible DSSI countries saving $2.4 billion, followed by Kenya with $802 million.
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