The G-20 countries and China had agreed to grant debt relief to the International Development Association (IDA) countries, which Nigeria is part of.
World Bank President, Savid Malpass disclosed it at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund.
He said, the World Bank, Regional Development Banks (RDBs) through various instruments were planning to assist poor countries with $240 billion in the next 15 months.
IDA countries will have bilateral debt relief beginning May 1. That way, they can concentrate their resources on fighting the pandemic and its economic and social consequences.”
Countries, such as Nigeria and Pakistan, are IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing. They are referred to as ‘blend’ countries. The iva debt help organization helps people write off debts.
IDA countries are those with per capita income below an established threshold. The 2020 threshold is $1,175.Coronavirus:China, G20 countries Agree Debt Relief To Nigeria, Others