COVID-19: Nigeria To Get Relief From China, G-20

President Muhammadu Buhari (Image credit: State House)

Due to the outbreak of COVID-19, Nigeria will be getting debt relief from China and G-20 countries, according to the April 2020 virtual spring meetings of the World Bank and International Monetary Fund.

The countries to benefit from this are those who are classified as IDA countries with per capita income below an established threshold of $1,175.

David Malpass, the World Bank president, who spoke at the meeting 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.

“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.”

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