IMF considering Nigeria’s application for $3.4 billion loan

IMF considering Nigeria’s application for $3.4 billion loan

The International Monetary Fund (IMF) on Tuesday, April 7; stated Nigeria’s application for a $3.4 billion credit is currently under review.

This was contained in a statement issued by Kristalina Georgieva, the IMF chief.

“We are working hard to respond to this request so that a proposal can be considered by the IMF’s executive board as soon as possible.”

The Federal Government had joined 80 other countries to request a COVID-19 Rapid Credit Facility from the 189-member organisation.

This is part of a series of loan arrangements in a bid to fight the COVID-19 pandemic.

The IMF boss observed that Nigeria’s present economic emergency resulting from its exposure to the COVID-19 pandemic and shocks from a slump in the price of oil, Nigeria’s biggest foreign exchange earner; informed government’s choice to seek the Fund’s Rapid Financing Instrument.

“President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact; including by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn,” Georgieva said.

Meanwhile, the Economic Community of West African States (ECOWAS) has ordered over one million kits for member states to help fight the coronavirus pandemic.

The new order, according to the sub-regional body; is to supplement its ongoing distribution of other kits and medicines including Chloroquine and Azithromycin.

A statement issued by ECOWAS on Tuesday, April 7; re-affirmed its solidarity with member-states as well as its support.

The sub-regional body said that it had already given financial support to member-states; distributed kits and drugs, and additional kits as well as ventilators for distribution.

Also Read: World Bank releases $82m in support of Nigeria’s healthcare system

“To address the emergency at hand, ECOWAS has immediately made available financial support from its own resources, in addition to assistance from international partners; for the purchase of medical supplies and equipment essential for the fight against the pandemic.

ECOWAS has already purchased and dispatched to the 15 Member States: 30,500 diagnostic test kits; 10,000 Personal Protective Equipment (PPE) as well as 740,000 prescription tablets (Chloroquine and Azithromycin).

About The Author

Mayowa Oladeji

A writer with a keen interest in human stories and topical issues around the world.

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