There are indications that the Executive Board of the International Monetary Fund may approve the $3.4bn loan sought by Nigeria on Tuesday (today). Although the Minister of Finance, Budget and National Planning, Zainab Ahmed, had on April 6, while announcing that Nigeria had applied for the loan, said the funds were expected within six to 12 weeks, Reuters and Bloomberg reported that the IMF would meet over the request today. The reports quoted unofficial sources in the IMF. If approved, the loan would be among the largest allocations by the IMF to an African country in response to the COVID-19 pandemic. It is expected that the IMF Executive Board would approve the loan having already approved similar requests for several countries. According to the IMF, about 102 countries applied for aid as a result of the COVID-19 pandemic. The IMF Managing Director, Kristalina Georgieva, had in a statement on April 7 said the organisation was working hard to respond to the request as soon as possible. Georgieva noted, “Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices.”
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