Categories: Business Local

IMF To Meet On Nigeria’s $3.4bn Emergency Loan Request On Tuesday

 

The International Monetary Fund (IMF) is expected to recommend the approval of $3.4 billion in emergency funding for Nigeria as part of measures to cushion the impact of COVID-19 on the nation’s economy.

According to Bloomberg, the IMF Executive Board will meet on Tuesday next week to review the request.

The loan, which is scheduled to be repaid in not more than five years, is considered the largest allocation by the IMF to an African country to assist with the coronavirus pandemic.

Minister of Finance, Zainab Ahmed, earlier this month referred to the loan as part of funds being expected from multilateral organisations to aid the country’s battle against the pandemic.

Since COVID-19 was confirmed in the country on February 27, the pandemic has gone on to disrupt daily life, forcing the government to shut schools, impose lockdowns, and restrict large gatherings among other things.

As of 10 pm on Saturday, Nigeria had 1,095 confirmed coronavirus cases out of which there have been 208 recoveries and 32 deaths.

Globally, there have been more than two million confirmed cases and over 200,000 deaths.

Simon

Disqus Comments Loading...

Recent Posts

  • Coronavirus
  • Headlines

BREAKING: Nigeria Records 91 New Cases Of COVID-19, Death Toll Rises To 40

  Nigeria on Sunday recorded 91 new cases of the novel coronavirus, bringing the country’s total infections to 1,273 ,…

3 hours ago
  • Coronavirus
  • Headlines

COVID-19: Buhari Receives Briefing From Minister Of Health, DG NCDC

  President Muhammadu Buhari on Sunday got updates on the latest health developments in the country. The President was briefed…

3 hours ago
  • Coronavirus
  • Local

Sarkin Kano Says Deaths In State Not Connected To COVID-19

  The Sarkin Kano, Alhaji Aminu Ado Bayero, has confirmed that the mass deaths reported in Kano State were not…

5 hours ago
  • Coronavirus
  • Local

COVID-19: Two Patients Flee After Testing Positive In Borno

  Two patients – Abbas Kaka Hassan (a 24-year-old male) and Hauwa Mohammed (42-year-old female) are on the run after…

6 hours ago
  • Politics

Buhari Will Determine When To Lift COVID-19 Lockdown, Says Health Minister

  The Minister of Health, Osagie Ehanire, says President Muhammadu Buhari will determine when to lift the lockdown order in…

6 hours ago
  • Coronavirus
  • Headlines

Kaduna State Govt Extends Lockdown By 30 Days

  The Kaduna State Government has extended the COVID-19 lockdown by thirty days.  Governor Nasir El-Rufai disclosed this via a…

7 hours ago