China, G20 agree debt relief to Nigeria, others

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.

World Bank President, Savid Malpass disclosed this earlier today at the ongoing virtual April 2020 virtual Spring meetings of the World Bank and International Monetary Fund.

“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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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.

IDA countries are those with per capita income below an established threshold. The 2020 threshold is $1,175.

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