By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Global lender, the International Monetary Fund (IMF) said on Tuesday its board has approved the extension of the exceptional -interest waiver on its concessional loans by two (2) years to end-December 2016.

A statement by the IMF affirmed that its board initially endorsed temporary relief of interest payments on all outstanding concessional loans for Poverty Reduction and Growth Trust (PRGT)-eligible members in 2009, waiving all interest payments on PRGT loans through December 2011.

The global lender said two subsequent extensions of the exceptional interest rate waiver were approved by the board, first to end-December 2012 and then to end-2014.

“The latest action that was approved on December 11, 2014 is therefore the third extension of zero interest applied to IMF financing to the world’s poorest countries,” the Fund added.