COVID-19: FG seeks $7bn from IMF, World Bank, Others

Nigeria is seeking about $7.050 billion, an equivalent of N2.679 trillion from multilateral financial institutions to combat the impact of COVID-19 on the economy.

Already, the federal government has applied for the release of its contributions to the International Monetary Fund totaling $3.4 billion under the Fund’s Rapid Credit Loan Facility as part of measures to mitigate the impact of coronavirus on the economy.

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The country is also seeking a $2.5 billion loan from the World Bank, $1 billion from the African Development Bank (AfDB) as well as an undisclosed amount from the Islamic Development Bank.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, also stated that $150 million will be drawn from the Stabilisation Fund of the Nigerian Sovereign Investment Authority (NSIA) to augment June Federation Account Allocation.

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