IMF Conditions Nigeria, Others for Debt Cancellation Amid Mounting Debt Concerns


The International Monetary Fund (IMF) has underscored the need for individual creditor dialogues as it remains cautious about granting debt cancellation to African countries, including Nigeria and Ghana. In a recent statement, Abebe Selassie, the IMF’s African Department Director, emphasized the complexity of debt cancellations due to the significant portion of domestic debt, accounting for about 50% of total debts in African countries.

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Nigeria’s debt burden has soared to N87 trillion as of June 30, 2023, according to the Debt Management Office (DMO). Despite the mounting debt concerns, the IMF has reiterated that a one-size-fits-all approach is not viable, emphasizing the necessity for tailored discussions on debt rescheduling with creditor nations.

Inflation management has also emerged as a critical focus, with the IMF urging African countries to collaborate on controlling inflation through cohesive monetary and fiscal policies. While there have been indications of gradual inflation decline, numerous countries continue to grapple with sustaining economic growth and generating viable employment opportunities.

The ongoing IMF/World Bank meeting in Morocco has witnessed a surge in requests for debt cancellations from Nigerian and other African countries within the G24 nations. The G24 has presented various proposals aimed at addressing the increasing public debt challenges, stressing the necessity for efficient debt resolution mechanisms to foster post-pandemic recovery.

In a bid to enhance recovery prospects, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has called for the elimination of export restrictions on fertilizer and grains, urging support from the G20 members.

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Godwin Okafor
Godwin Okafor
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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