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