Nigeria leads demand for Africa’s debt relief from IMF

Nigeria yesterday ramped up the debt relief demand by African nations, especially for the G-24 members.

well as in other relevant international fora.He stressed that debt forgiveness is difficult while speaking during the African Session at the ongoing IMF/World Bank Annual Meetings, in Marrakech, Morocco. Minister of Finance and Coordinating Minister for the Economy Mr Wale Edun stressed the need for an “efficient debt resolution framework”.Edun said: “Our member statement urges an efficient debt resolution framework to support post-pandemic recovery.

Selassie, who spoke on the theme: “In Pursuit of Stronger Growth and Resilience,” said there was no super magic to wave and get rid of debts.How the debts will be handed boils down to discussing with creditor nations on the way out of the crisis, Selassie said. World Bank Chief Economist, Indermit Gill, said countries like the US and India are bright spots in the slowing global economy.

“The big problem is that growth is slowing down to a much lower level than we had seen during the crisis,” Gill said.

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