IMF's Lagarde and World Leaders Will Attend Historic Ethiopia Summit
Jubilee USA Network
The International Monetary Fund (IMF) and the World Bank announced $1.1 billion in debt relief for Chad. The money comes through the IMF and World Bank's two major debt relief programs: the Heavily Indebted Poor Country Initiative (HIPC) and the Multilateral Debt Relief Initiative (MDRI). Chad is the 36th country to receive HIPC relief and the first since 2012. Chad is the fourth-least developed country in the world. More than half its population lives in poverty.
Severe aftershocks continue to terrorize Nepal which was struck by a 7.8 magnitude earthquake on Saturday. The rising death toll climbed beyond 3,000 people. Nepal is one of the least developed countries in the world, ranking 145th out of 187 countries in the United Nations Human Development Index. According to the World Bank, Nepal owes $3.8 billion in debt to foreign lenders and spent $217 million repaying debt in 2013. Nepal owes approximately $1.5 billion each to the World Bank and the Asian Development Bank and $54 million to the International Monetary Fund (IMF).
As the Spring International Monetary Fund (IMF) and World Bank meetings open, the World Bank announced $650 million of new grants and concessional loans to the countries of Sierra Leone, Guinea and Liberia. About $220 million will be aid in the form of grants and the remainder will be in the form of highly concessional loans. Currently the three countries owe a combined $518 million to the World Bank. Liberia owes $105 million, Guinea $186 million and Sierra Leone $227 million.
Global Stability and Economic Outlook Reports Released
Greece submitted a list of economic reforms to the European Union (EU) in an effort to secure emergency financing. The reforms include proposals to raise revenue by curbing tax evasion and corruption. Eurozone leaders rejected a prior Greek reform plan over the weekend. Greek Interior Minister Nikos Voutsis told Germany's Spiegel news magazine that Greece may not make its €450 million payment to the International Monetary Fund (IMF) if it does not receive more financing by April 9. Government spokesperson Gabriel Sakellaridis denied that Greece would forgo IMF payments.