IMF to Approve $3.4 Billion Emergency Loan for Nigeria this Week

by Abisoye Shola..….

The International Monetary Fund (IMF) is billed to approve the $3.4 billion loan for Nigeria today and the disbursement of the fund likely to be immediately before the end of the month.

The loan is expected to assist Nigeria in Fighting the coronavirus pandemic. According to IMF, Managing Director, Kristalina Georgieva, the Fund is to provide Nigeria with significant emergency financing. “By the end of April, IMF board is likely to approve the $3.4 billion request for Nigeria” she said.

Meanwhile the IMF board is scheduled to consider Nigeria’s request today for the emergency financing to combat the impact of the coronavirus.

“We are working very rapidly to provide a significant emergency financing to Nigeria” the IMF boss said.

She said in a webcast held by the Atlantic Council that the disbursement is expected to be done by the end of the month.