By Emma Ujah
Abuja—The World Bank Group and the International Monetary Fund, IMF, have suspended debt payments by their poor debtor countries.
The debt relief as announced in a statement, yesterday, was specifically for the International Development Association, IDA, countries, to mitigate the effect of the coronavirus pandemic on the economies of the affected countries.
IDA is the part of the World Bank that helps the world’s poorest countries. It complements the World Bank’s original lending arm, the International Bank for Reconstruction and Development, IBRD.
The statement said, “The coronavirus outbreak is likely to have severe economic and social consequences for IDA countries.
“They are home to a quarter of the world’s population and two-thirds of the world’s population living in extreme poverty.
“With immediate effect and consistent with national laws of the creditor countries, the World Bank Group and the International Monetary Fund call on all…
Source: Vanguard Newspaper