
Breaking: IMF Approves $3.4b Loan For Nigeria
The International Monetary Fund (IMF) has approved Nigeria’s request for $3.4 billion loan to fight the devastating effect of the COVID-19.
The loan, which has a maximum repayment period of five years was approved by the Fund’s board Tuesday.
The emergency financial assistance was approved under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.
It will also assist Nigeria to meet the urgent balance of payment needs stemming from the COVID-19 pandemic.
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