The International Monetary Fund has hinted that it will meet on Tuesday, April 28, to consider Nigeria’s request for $3.4bn in emergency funding to help it in the fight against the coronavirus disease.
Nigeria’s Minister of Finance, Budget and Planning, Zainab Ahmed, confirmed that the country had approached the IMF for funding from its COVID-19 Rapid Credit Facility to draw from the country’s existing holding with it early in April.
According to Reuters, sources privy to the decision say that setting a date to take the request before the IMF’s board is an indication that the proposal has been slated for approval.
With approval underway, and Nigeria faced with dwindling oil revenues and battling to contain the spread of COVID-19, the fund, when released, will help the country cushion the adverse impact of the pandemic.
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