May 1 was an important day for the world’s poorest nations. It was the day the rich club of G20 nations gave debtors a payment holiday until the end of the year, giving developing nations more headroom to pay for healthcare during the pandemic.
Despite more than 100 countries applying to the International Monetary Fund for emergency aid, the IMF and World Bank have not been so generous, insisting nations keep repaying interest on debt. The IMF had only $200m available in a catastrophe relief fund for the world’s poorest countries.
Being Africa’s largest oil producer is no guarantee to riches. Nigeria has received $3.4bn from the IMF.With debt as a proportion of its economy at about 30 percent, you would think the country would not ge…
Read the full article at: https://www.aljazeera.com/programmes/countingthecost/2020/05/big-money-give-poor-nations-debt-relief-fight-covid-19-200509135930747.html
