IMF to consider Nigeria's $3.4 bln request next week

The International Monetary Fund to consider Nigeria's request for $3.4 billion in emergency financing to combat the impact of the coronavirus./REUTERS.

The International Monetary Fund on Friday said it would meet on April 28 to consider Nigeria's request for $3.4 billion in emergency financing to combat the impact of the coronavirus.

Sources told Reuters that setting a date to take the request before the board is a sign the proposal was slated for approval.

Nigeria, which is reeling from the twin hits of the oil price collapse and the new coronavirus pandemic, requested the emergency funding under the Fund's Rapid Financing Instrument.

Finance Minister Zainab Ahmed is seeking a total of $6.9 billion from the IMF and other multilateral lenders.

The money would allow the government to address additional and urgent balance of payments needs, and to direct funds to priority health expenditures.

Source(s): Reuters