The International Monetary Fund (IMF) said on Friday that it would meet on April 28 to consider Nigeria’s request for $3.4 billion in emergency financing, to combat the impact of COVID-19 pandemic.
Reuters quoted sources as saying that setting a date to take the request before the board is a sign the proposal is slated for approval.
Nigeria, currently 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.
- Reuters