China, G-20 To Give Nigeria, Others Debt Relief

China and G-20 countries say they will give debt relief to the world’s poorest countries known as IDA countries as classified by the World Bank.

IDA countries are countries with per capita income below an established threshold and for 2020, the threshold is $1,175.

David Malpass, the World Bank president, had said this on Friday at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund.

“I take note that in the G-20 meetings, China is supporting the international agreement to allowing moratorium of debt repayments by IDA countries if they ask for forbearance.

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“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.”

Nigeria is IDA-eligible based on per capita income levels and are also creditworthy for some IBRD borrowing.

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