debt sustainability, which he noted is burdened by “collateralization, by non-disclosure clauses, and by restraints on comparable treatment as countries look to restructure their debt contracts”. He noted that this is a major issue in West Africa, adding that as the pandemic persists into 2021, the debt situation is only expected to deteriorate further. According to Malpass, comprehensive debt solutions consist of four key elements, namely, debt suspension, debt reduction, the resolution of debt and debt transparency.
Meanwhile, during the event on Thursday, World Bank Vice President for West and Central Africa, Ousmane Diagana, revealed that Nigeria is one of the largest portfolios of the World Bank, with more than $12 billion invested in the country already. According to Diagana, the international financial institution has invested these funds for programmes covering several industries, including health, agriculture and education. He further noted that the World Bank has prepared a pipeline of a number of programmes for this year, with about $2 billion invested already, in order to assist the West African nation to have access to critical services, as well as to support the government in providing technical assistance to a variety of stakeholders.
“We have seen progress and […] will continue in Nigeria as a very important partner for the Bank and also the role that it plays in Africa clearly–we make any investment in Nigeria will have also some positive externalities for African countries,” Diagana said.
