World Bank has announced the removal of several loan fees for poor countries of the world, including Nigeria which has been ranked 46th poorest country in the world.
The World Bank has announced a temporary suspension of loan surcharges for the world's poorest countries, including Nigeria, to alleviate financial pressures amidst global economic challenges. This decision, effective from July 1, 2023, to June 30, 2024, aims to provide relief to nations struggling with debt servicing costs. The initiative, which could save these countries up to $1.3 billion, was highlighted by World Bank President David Malpass as a critical step to support countries facing multiple crises like the economic fallout from the global health crisis, geopolitical tensions, and climate change impacts. This move is part of broader efforts by international financial institutions to support economic stability and development in low-income countries.
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