IMF to Meet on Nigeria's $3.4bn Emergency Loan Request on Tuesday

Proshare

Sunday, April 26, 2020 11:35 AM / by ChannelsTV / Header Image Credit:  Bloomberg

              

 Proshare Nigeria Pvt. Ltd.


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.


 Proshare Nigeria Pvt. Ltd.


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.

 

Proshare Nigeria Pvt. Ltd.


Related News

  1. A Shock Like No Other: Coronavirus Rattles Commodity Markets
  2. COVID-19: Global Remittances Projected to Fall by 20% in 2020
  3. SDG Lab at UN Geneva: Delivering the 2030 Agenda in Decade of Action Will Call for Co-operation
  4. Debt Relief Needed to Preserve 30 Years of Progress
  5. Sub-Saharan African Growth Projected At -1.6% in 2020 - IMF
  6. Spring Meetings for Funds to Fight off the COVID-19 Virus - FBNQuest
  7. WEO: Global Economy is Projected to Contract By 3% in 2020 - IMF
  8. World Bank Warns African Countries Copying Western Anti-COVID-19 Policies
  9. IMF Executive Board Approves a US$1bn Disbursement to Ghana to Address the COVID-19 Pandemic
  10. IMF Executive Board Approves Immediate Debt Relief for 25 Countries
  11. The AfDB and Its Partners Want Your Ideas for Beating the COVID-19 Pandemic
  12. World Bank Readies $160bn Emergency Aid Package
  13. African Development Bank Group Unveils $10bn Response Facility to Curb COVID-19
  14. Statement by IMF Managing Director Kristalina Georgieva on Nigeria
  15. The Pandemic Is No Time for Fiscal Distancing - Adesina
  16. World Bank Releases $1.9bn To Developing Countries In Bid To Fight Coronavirus
  17. Obasanjo Appeals to Agencies to Have a Plan That Will Moderate the Effect of COVID-19 in Africa
  18. IMF Declares a Recession, Project Recovery in 2021
  19. Economic Policies for the COVID-19 War
  20. IGAD Heads of State and Government Declaration on the Coronavirus (COVID-19) Pandemic

 Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP