IMF meets on Nigeria’s $3.4bn request for emergency fund April 28

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The International Monetary Fund (IMF) has said it would meet on April 28, 2020, to consider Nigeria’s request for $3.4 billion in emergency facility to neutralise the damaging impacts of Coronavirus on the nation’s economy.

Sources disclosed that determining a date to consider the request by the board of the Fund is a sign the proposal is slated for approval, Reuters reports.

It was learnt that Mrs. Zainab Ahmed, Nigeria’s Honourable Minister for Finance, Budget and National Planning, is seeking a total of $6.9 billion from the IMF and other multilateral lenders.

According to Ahmed, the money would allow the government to address additional and urgent balance of payments needs, and to direct funds to priority health expenditures.

Nigeria reportedly reeling from the twin hits of the oil price collapse and the new Coronavirus pandemic, is requesting the emergency funding under the Fund’s Rapid Financing Instrument.

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