Nigeria has applied to the International Monetary Fund for a rapid credit loan of $3.4 billion as part of measures to cushion the effect of COVID-19 in the country.
According to the Minister of Finance and Chairman, Special Ministerial Task Force on COVID-19, Zainab Ahmed, this loan is a pre-determined fund with no conditions attached.
She says the requested loan is Nigeria’s entitlement based on its contribution so far to the IMF as member, for a period of emergency like this. Ahmed explained that Nigeria has so far contributed N3.4bn with the IMF, and it is not a loan that will be repaid
The country is also expecting interventions worth $2.5bn from the World Bank and $1bn the Africa Development Bank (AfDB) as part of measures to take the pain of lockdown off the people.