Nigeria Is Not Indebted To IMF

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The International Monetary Fund announced on Monday that it has granted debt reliefs to 25 member countries.

According to the Managing Director, Kristalina Georgieva, the IMF can make a provision of $500 million in grant-based debt service relief to the twenty-five countries.

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The countries that will receive debt service relief were listed as; Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, D.R., The Gambia, Guinea, Guinea-Bissau, Haiti, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Príncipe, Sierra Leone, Solomon Islands, Tajikistan, Togo, and Yemen.

“Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic.

“This provides grants to our poorest and most vulnerable members to cover their IMF debtobligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.”

After the announcement by the IMF, many Nigerian news outlets have gone on to criticise the body for not finding Nigeria worthy of the relief. While these reports have gone wide, a fact check by TGnews and investigation from multiple reliable sources have authoritatively confirmed that Nigeria is not indebted to the IMF.

Nigeria’s External Stock Debt Stock as at December 31, 2019 as released by the Debt Management Office (DMO) doesn’t show IMF as one of those the country is indebted to.

Further checks by TGnews from top sources in the Central Bank of Nigeria also corroborates this fact.

These investigations therefore invalidate reports of Nigeria’s exclusion from the debt reliefs as there was never a reason for inclusion.