Begins reconciliation of debt with creditors.
The World Bank on Wednesday indicated that it has begun full reconciliation of Nigeria’s external debts and those of other debtor-nations with their creditors.
World Bank Group President David Malpass dropped the hint at the G20 Finance Ministers and Central Bank Governors’ Meeting during the ongoing virtual World Bank/International Monetary Fund (IMF) Spring Meetings in Washington D.C.
According to Debt Management Office (DMO) data, Nigeria’s total external debts stood at $33.34 billion as at December 31, 2020.
A breakdown of the debt profile showed that Nigeria is indebted to the International Development Association (IDA) $11.12 billion; Eurobonds ($10. 8 billion); IMF ($3.53 billion) and Exim Bank of China ($3.26 billion); among others.
The World Bank, he said, is closely monitoring the debt situation through the joint IMF-World Bank Debt Sustainability Framework and raising debt issues with the government as part of an ongoing dialogue.
Malpass said: “The World Bank also engages with the Nigerian government to improve the quality of public spending. A key objective of the World Bank is to help attract private investment to crowd in financing for investments in infrastructure and human capital, for instance by de-risking private investments through public-private partnerships and foreign direct investments without increasing public debt levels.”
