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Nigeria applies for Rapid Financing Initiative Facility in IMF

IMF relief provides grants to the poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months. (Image source: mohamed Hassan/Pixabay)

Nigeria has made an application to the IMF under the Rapid Financing Initiative which is under consideration and receiving attention, according to Zainab Ahmed, minister of finance, budget and national planning, Nigeria

Nigeria is entitled to access up to 100 per cent of its quota under the Rapid Financing Initiative.

Ahmed said that Nigeria did not benefit from the recent debt relief by the International Monetary Fund (IMF) as the country is not indebted to the IMF. 

“It is true Nigeria is not a beneficiary of recent IMF debt relief for 25 countries. As stated in IMF Executive Board statement, the relief provides grants to the  poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months. Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven."

The IMF announced an immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) to help address the impact of the COVID-19 pandemic.

According to the IMF, the facility provides grants to the poorest and most vulnerable members to cover their IMF debt obligations 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.

The IMF added that the facility provides around US$500mn in grant-based debt service relief, including the recent US$185mn pledge by the UK and US$100mn provided by Japan as immediately available resources. Others, including China and the Netherlands, are stepping forward with important contributions.

Countries slated to receive the relief include Afghanistan, Benin, Burkina Faso, Central African Republic, Chad, Comoros, Congo, 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.

 

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