IMF to decide Nigeria’s aid request April 28

April 23, 2020 4:15 PM

The executive board of the International Monetary Fund (IMF) will meet next week (Tuesday, April 28, 2020) to take a decision on Nigeria’s request for financial assistance.

This is coming after Nigeria submitted a request for $3.4billion under the IMF’s rapid financing instrument.

The rapid financing instrument is a short-term facility that typically bears interest.

At the just-ended spring meetings of IMF and World Bank Group; the IMF Managing Director Kristalina Georgieva, said they will prioritise aid requests from sub-Saharan African during these times.

“Sub-Saharan Africa ought to be the centre of our attention and it is. We now have more than 30 countries applying for emergency financing. We are prioritising and rapidly responding to this request recognising how critical this lifeline is for them.”

The coronavirus pandemic has affected the global economy negatively. Most sectors have come to a standstill as experts predict a decline in the economy.

The pandemic is said to have wiped out at least 30% of global oil demand which led to a supply glut and a dip in crude oil prices.