• About
  • Contact Us
Friday, March 24, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    NNPC Ltd. Is Not Recruiting - Spokesman

    Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

    Labour Party presidential candidate, Peter Obi, addresses the press at his hometown in Agulu, Anambra state {PHOTOS}

    Ramadan: Atiku urges Muslims to seek spiritual guidance, peace

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Ike Ekweremadu

    Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Adamawa Monarch Demands Sanusi’s Restoration

    Adamawa Monarch Demands Sanusi’s Restoration

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    NNPC Ltd. Is Not Recruiting - Spokesman

    Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

    Labour Party presidential candidate, Peter Obi, addresses the press at his hometown in Agulu, Anambra state {PHOTOS}

    Ramadan: Atiku urges Muslims to seek spiritual guidance, peace

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Ike Ekweremadu

    Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Adamawa Monarch Demands Sanusi’s Restoration

    Adamawa Monarch Demands Sanusi’s Restoration

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Coronavirus

Finally, Nigeria, Others To Get Debt Relief From China And G-20

Christian Pulisic by Christian Pulisic
April 17, 2020
in Coronavirus, Economy, News
0
Finally, Nigeria, Others To Get Debt Relief From China And G-20
0
SHARES
136
VIEWS
Share on FacebookShare on Twitter

The People’s Republic of China and G-20 countries have agreed to give debt relief to the poorest countries in the world which are classified as IDA countries by the World Bank.

This decision was reached at the ongoing April 2020 virtual Spring meetings of the World Bank and International Monetary Fund (IMF), David Malpass, the World Bank president, said beginning from May I, there would be debt relief.

READ ALSO

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

“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,” he said.

“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.

“That’s very important because China is one of the biggest creditors and their participation in that effort is important and was very welcome.”

If you must know, countries under the International Development Association (IDA) are those with per capita income below an established threshold. The 2020 threshold is $1,175.

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.

A moratorium is the suspension of debt repayments while debt relief is the reorganization of debt in any shape or form so as to provide the indebted party with a measure of respite, either fully or partially.

Malpass said a system will be set up to monitor how developing countries utilise the funds made available by the debt relief.

“So if the government saves money by not paying creditors, there is an expectation that they use it for health, education, economic rebuilding, jobs and concrete ways to help the people of their country,” he said.

“There is also within the debt relief initiative, the idea that there will be monitoring and assessment of the debt sustainability of poor countries.

“That process itself will amount to transparency. That’s going to change the way that countries have been lending into the developing world and it will improve it substantially and there will be a big benefit even to the creditors.

“It’s not the best system for creditors to be making non-transparent loans into poor countries and this is going to improve the system.”

He also said the process will also ensure that developing countries get more grants and concessional loans.

Earlier this week, the International Monetary Fund (IMF) announced debt relief to 25 countries. Nigeria was exempted.

Tags: Debt ReliefG-20

Related Posts

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website
Business

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

March 24, 2023
NNPC Ltd. Is Not Recruiting - Spokesman
News

Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

March 24, 2023
Labour Party presidential candidate, Peter Obi, addresses the press at his hometown in Agulu, Anambra state {PHOTOS}
News

Ramadan: Atiku urges Muslims to seek spiritual guidance, peace

March 24, 2023
Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono
News

Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

March 24, 2023
Ike Ekweremadu
News

Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

March 23, 2023
Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours
National

Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

March 23, 2023

glo
app




app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Let Lagos State Be by Femi Okunnu, SAN

Let Lagos State Be by Femi Okunnu, SAN

March 23, 2023
Neo Reacts After Man Threatens To Beat Up His Girlfriend, Vee

“I didn’t expect to be hurt” BBNaija’s Vee Iye opens up on her break-up with Neo Akpofure (Video)

March 23, 2023
Broda Shaggi say he makes over ₦‎20 million a month from creating contents

Broda Shaggi say he makes over ₦‎20 million a month from creating contents

March 24, 2023
Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

March 24, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 23rd March 2023

March 23, 2023

EDITOR'S PICK

Nigeria NERC meter

Refund Nigerians Who Paid For Prepaid Meters, FG Tells Discos

April 25, 2022
Jide Awobona, Taiwo Adeyemi, others react as Lizzy Jay weds colleague (Photos and video)

Jide Awobona, Taiwo Adeyemi, others react as Lizzy Jay weds colleague (Photos and video)

February 7, 2023
APC Condemns U.S. Election Saga

APC Condemns U.S. Election Saga

January 9, 2021
Bukayo Saka Shines As England Hit Iran For Six

Bukayo Saka Shines As England Hit Iran For Six

November 21, 2022

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • Cops swarm Rihanna’s house as man shows up to propose
  • Oluwo of Iwo unveil daughter, names her after Olofin Adimula
  • Broda Shaggi say he makes over ₦‎20 million a month from creating contents
  • Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In