The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has stated that the Institution is working hard to respond to Nigeria’s request for loan to combat the coronavirus outbreak.
The Federal Government had applied to the IMF for a rapid credit loan of $3.4 billion as part of measures to cushion the effects of Covid-19 in Nigeria.
The Minister of Finance and Chairman, Special Ministerial Task Force on Covid-19, Zainab Ahmed, had disclosed the fresh loan request at a news conference in Abuja on Monday.
According to the statement made available on the IMF website, Georgieva said:
“Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices. 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.
“To support these efforts, Nigeria’s government has requested financial assistance under the Fund’s Rapid Financing Instrument (RFI). This emergency financing would allow the government to address additional and urgent balance of payments needs and support policies that would make it possible to direct funds for priority health expenditures and protect the most vulnerable people and firms. 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.”
