The staff of the International Monetary Fund (IMF) will recommend the approval of $3.4 billion in emergency funding to Nigeria when the lender’s executive board meets next week, two people with direct knowledge of the plan told Bloomberg.
The loan, scheduled to be repaid in a maximum of five years, would be the largest allocation yet by the IMF to an African country to assist with the coronavirus pandemic. The lender approved a disbursement of about $1 billion to Ghana earlier this month. The outbreak is reducing demand for and prices of Africa’s commodities, while domestic lockdowns have shuttered industries and trade.
Nigeria’s request for $3.4 billion will be considered on April 28, according to an IMF spokesperson.
Hit by crashing oil prices and lockdowns, Nigeria requested the amount under the Rapid Financing Instrument, which offers funding without the strings of a full program.
Nigeria also requested another $3.5 billion in total from the World Bank and the African Development Bank.
Source: Businessdayng
My brother suggested I might like this web site. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this information! Thanks!
I saw a lot of website but I think this one contains something special in it in it
I’ll right away snatch your rss as I can’t find your e-mail subscription link or e-newsletter service. Do you’ve any? Kindly let me recognise so that I may subscribe. Thanks.
Hi, I think your site might be having browser compatibility issues. When I look at your website in Safari, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, fantastic blog!
Hey just wanted to give you a quick heads up. The text in your post seem to be running off the screen in Safari. I’m not sure if this is a formatting issue or something to do with web browser compatibility but I thought I’d post to let you know. The layout look great though! Hope you get the problem solved soon. Many thanks