Nigeria Seeks $7bn from IMF, Others to Reflate Economy


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•To augment June FAAC with $150m from NSIA

Ndubuisi Francis in Abuja

Nigeria is seeking about $7.050 billion, an equivalent of N2.679 trillion, from multilateral financial institutions and the Nigeria Sovereign Investment Authority (NSIA) to mitigate the impact of COVID-19 on the economy.

A breakdown indicates that $3.4 billion is being sourced from the International Monetary Fund (IMF), $2.5 billion from the World Bank and $1 billion from the African Development Bank (AfDB) as well as $150 million to be drawn from NSIA, bringing the total to $7.050 billion or N2.679 trillion at an exchange rate of N380/$.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who briefed journalists in Abuja yesterday on measures being taken in response to the COVID-19 pandemic, noted that the federal government had already applied for the release of its contributions to IMF totalling $3.4 billion under the Fund’s Rapid Credit…

Source: Thisday Newspaper