IMF may approve Nigeria’s $3.4bn loan today

By AdvocateNews on 28/04/2020

Share on facebook Yahoo mail icon Gmail icon

Views: 2,601


There are indications that the Executive Board of the International Monetary Fund may approve the $3.4bn loan sought by Nigeria on Tuesday (today).

Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on April 6, while announcing that Nigeria had applied for the loan, said the funds were expected within six to 12 weeks, Reuters and Bloomberg reported that the IMF would meet over the request today.

The reports quoted unofficial sources in the IMF.

If approved, the loan would be among the largest allocations by the IMF to an African country in response to the COVID-19 pandemic.

It is expected that the IMF Executive Board would approve the loan having already approved similar requests for several countries.

According to the IMF, about 102 countries applied for aid as a result of the COVID-19 pandemic.

The IMF Managing Director, Kristalina Georgieva, had in a statement on April 7 said the organisation was working hard to respond to the request as soon as possible.

Georgieva noted, “Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.”

The IMF boss also observed that the Federal Government had initiated a number of measures aimed at containing the spread of the virus and its impact.

The measures, according to Georgieva, include swift release of contingency funds to Nigeria Centre for Disease Control.

She added that the Nigerian government was working on an economic stimulus package that would help provide relief for households and businesses impacted by the downturn.

The organisation has also said Nigeria and other African countries need an estimated sum of $114bn to fund the campaign against the outbreak of the coronavirus disease in the continent.

The Federal Government is hoping on the IMF credit, and similar loan requests from the World Bank and the African Development Bank, to cushion the effects of the pandemic on the country’s economy.-Punch 

Posted 28/04/2020 03:50:56 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

You may also like...
Kogi govt declares August 21 public holiday to...

Miserable Country Report: Nigeria is sinking under Buhari,...

Shehu Shagari: We've lost a sage, democrat, Says...

National Assembly: Idris dissociates Police from invasion

Petrol price hike: God told me Nigeria will...

BREAKING: Obaseki re-elected Edo gov, floors APC, Ize-Iyamu...

Eld-Kabir: Sultan issues fresh warning to Muslims on...

Gov Ihedioha unveils achievements in 100 days

Atiku vs Buhari: Tribunal reserves judgment in presidential...

Nigeria hits 73,000 COVID-19 cases, records 2 deaths...

Ex-president stopped at airport with $18,000 in cash...

Obaseki emerges Edo PDP candidate

 

Latest News Outrage as police sack single female cop for getting pregnant We’ve licensed telcos to provide NIN, says NIMC PDP knocks Buhari, says appointment of new service chiefs late New Service Chiefs: Nwodo faults Buhari over non-inclusion of Igbo officer Katsina gunrunner admits selling over 20 AK-47 rifles to bandits SEEDS OF DESTINY JAN 26, 2021: YOUR CHARACTER, YOUR DESTIINY I’ve raped 50 women, robbed 100 houses – Ondo serial rapist NDLEA orders state commanders to mop up illicit drugs across Nigeria Buhari sacks Service Chiefs, appoints replacements Thomas Tuchel appointed Chelsea coach Court orders forfeiture of ex-gov Yari’s N284m to FG My abductors threatened to transfer me to Boko Haram – Lagos varsity DVC

 

Most Read I’ve no Coronavirus, govt wants to kill me – Anambra Index case (42,539 views) Fleeing ex-DG Imo Broadcasting Corporation who stabbed wife to death arrested (28,040 views) FG sends new directive to banks, schools as Buhari extends lockdown by four weeks (21,680 views) HUSHPUPPI: CRIMINALS HAVE NO TRIBE. THEY SHAME ALL OF US... (19,636 views) Full Text of Governor Ifeanyi Ugwuanyi’s 2016 Budget Speech (19,193 views) Ex-Heads of State will protect Jonathan from persecution —Kukah (18,919 views) All you need to know about Peter Obi, PDP VP Candidate (18,549 views) ASUU strike: Senate intervention ends in deadlock (18,359 views) Ugwuanyi commends FG’s siting of ICT University in Enugu (16,737 views) DEMOCRACY DAY: President Muhammadu Buhari’s full speech (15,807 views) Ebonyi bans embalming of corpses in homes (15,648 views) Sickle cell support group seeks government intervention (15,477 views)

 

SECTIONS FAITH (52) EDITORIAL (14) NEWS (4,438) POLITICS (479) SOCIETY (124) SPORTS (41) BUSINESS (340) HEALTH (47) EDUCATION (40) ENTERTAINMENT (31) INTERNATIONAL (131) TECHNOLOGY (1) COLUMNISTS (30) LETTERS (3) OPINION (27)

 

 


There are no video entries posted yet.