for their quick recovery from the effects of the pandemic, the International Monetary Fund , said yesterday.
It, however, exited recession in the fourth quarter, following 0.11 per cent marginal Gross Domestic Product growth. A breakdown of the debts showed that Nigeria owes International Development Association $11.12 billion; Eurobonds, $10. 8 billion; IMF $3.53 billion; Exim Bank of China, $3.26 billion, among others.
“Expanding the IMF’s Special Drawing Rights , an instrument that was designed precisely for a global crisis like the one we are living through, should also be considered.”Gopinath said for the hardest-hit countries, – especially those that entered the crisis with high levels of debt distresss, globally-coordinated measures to provide debt relief, and in some cases outright debt restructuring under the new Common Framework agreed to by the G20 countries, may be inevitable.