The International Monetary Fund (IMF) says Nigeria’s application for a $3.4 billion loan from the International Monetary Fund (IMF) is currently under review.
“We are working hard to respond to this request so that the proposal can be considered by the IMF’s executive board as soon as possible,” Ms Kristalina Georgieva, the IMF boss, said in a statement on Tuesday.
Persecondnews recalls that on April 6, Nigeria said it had joined 80 other countries to request a COVID-19 Rapid Credit Facility from the 189-member organization.
It is one of series of loan arrangements by IMF to tackle the current socio-economic and health crisis arising from COVID-19 pandemic.
The IMF boss notes “Nigeria’s present economic emergency resulting from its exposure to the COVID-19 pandemic and shocks from slump in the price of oil, Nigeria’s biggest foreign exchange earner, informed government’s choice to seek the Fund’s Rapid Financing Instrument.’’
“President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn,” Georgieva said.
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