Nigeria, Ghana Out as IMF grants debt relief for 19 African nations

 

Nigeria, Ghana Out as IMF Grants Debt Relief for 19 African Nations

Some relatively prosperous African countries like South Africa, Ghana, Nigeria among others are not in the list of African countries whose debts have been written off by the International Monetary Fund (IMF)

The IMF approved immediate debt service relief for 19 African countries for an initial period of six months to enable them to channel financial resources towards dealing with the coronavirus pandemic.

Burkina Faso, Chad, Central African Republic and Mozambique are among the countries that will benefit from this relief.

Others are Benin, Comoros, Democratic Republic of Congo, The Gambia, Guinea, Guinea-Bissau, Liberia, Madagascar, Malawi, Mali, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone and Togo.

Debt cancellation and relief for African countries are among measures that have been called for by advocacy groups to enable some of the most vulnerable countries in the region cope with the worsening pandemic.