The International Monetary Fund (IMF) on Tuesday, 28th of April approved the loan request of $3.4 billion by Nigeria to fight the outbreak of coronavirus in the country after three weeks of formally applying.
With the drastic fall in the oil price in the international market, the Minister of Finance, and also the Special Ministerial Task Force on COVID-19, Mrs. Zainab Ahmed advised the FGN to opt-in for a loan to help tackle the negative effect of the pandemic on Nigeria.
The loan is said to have no condition attached to it as it is Nigeria’s existing holding with the institution. Also, recall that the Senate has approved N850b requested by the president to tackle the post effect of the pandemic.
The managing director of the IMF, Kristalina Georgieva had disclosed on Monday that the approval of the loan would come through by the end of the month over a webcast held by the Atlantic Council.
Kristalina Georgieva said;
“We are working very rapidly to provide significant emergency financing to Nigeria. I expect this to be done by the end of the month.”
The Federal Government of Nigeria is also expecting grants and loans to be approved by other financial institutions like the world bank, Islamic development bank group, and the African development bank to fight and lessen the impact of coronavirus in the country.