Coronavirus: Why Nigeria deserves debt pardon from IMF/World Bank - NLC - Premium Times Nigeria

Nigeria deserves to be granted debt pardon from the International Monetary Fund and the World Bank, the Nigeria Labour Congress has said.

Last week, the World Bank also announced plans to roll out $160 billion in emergency aid to countries impacted by the coronavirus, including $14 billion in debt repayments to governments owed by 76 poor countries.“Never in living memory has the world faced a twin catastrophe of both health and economic proportions as now.

While he said the NLC applauds the goodwill by the IMF and World Bank, the labour movement expressed displeasure that Nigeria was excluded from the list of benefitting countries announced by IMF.“We call for the inclusion of Nigeria in the beneficiary list for the COVID-19 related debt relief and debt moratorium based on very cogent reasons.

“With a burgeoning constituency of the poor, including the working-class poor, the danger staring Nigeria hard in the face is huge. Nigeria needs all the support it can get, including debt relief, moratorium, and pardon in order to enable the country tide over the waves of COVID-19 pandemic,” he said.

Besides, he recalled that in December 2019, Nigeria’s external debt hit a 16 year high level of $27 billion, in addition to a debt servicing commitment of $1.5 billion.The NLC President said labour completely aligned with the warning by the International Trade Union Confederation and other international non-governmental organisations that the failure to address the debt and financing needs of developing countries could trigger large scale loss of lives and livelihoods.

They can't give u debt pardon wen u spent the borrowed ones without aim...

so that these crucks can borrow to loot again ko?

After reading The Debt Threat by noreenahertz I have come to realise the WorldBank and IMF hardly 'pardons' debt. The most they can do is promise debt relief and after some time, you hardly hear of the discussion. For now, let's just stay alive.

Na by force?

Someone gave you a loan and you're telling him to write it off for whatsoever reason.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COVID-19: Nigeria needs debt relief to overcome coronavirus, recession - NLC president begs IMF - Daily Post NigeriaThe Nigeria Labour Congress (NLC) has given reasons Nigeria should not have been excluded from the International Monetary Fund (IMF) list of countries to I do 😬😬😬 We all do Lie. All the money Buhari borrowed what did he do with them. What is he doing with the money ppl donated? Buhari has enough money. Bunch of Thieves
Source: DailyPostNGR - 🏆 11. / 59 Read more »

COVID-19: NLC faults IMF for excluding Nigeria from debt relief – Daily TrustThe Nigeria Labour Congress (NLC) on Tuesday highlighted why Nigeria should not have been excluded from the International Monetary Fund (IMF) list of countries to benefit from its debt relief as a result of the COVID-19 pandemic. The IMF earlier Tuesday announced the approval of a debt relief fund to 25 countries which are mostly … Please is Nigeria a poor country? Why u dey vex for money u no borrow NLC should be ashamed of themselves ordinary minimum wage some states refuse to pay your members you couldn't do anything, is IMF you are faulting with the numerous problems on underemployment and unemployment we have in Nigeria.
Source: Daily Trust - 🏆 13. / 51 Read more »