The executive board of the International Monetary Fund (IMF) will meet next week Tuesday, April 28, to decide on Nigeria’s request for financial aid.
Nigeria submitted a request for $3.4 billion under the IMF’s rapid financing instrument.
The rapid financing instrument is a short-term facility that typically bears interest.
Speaking at the just-concluded spring meetings of IMF and World Bank Group, Kristalina Georgieva, IMF Managing Director, had said aid requests from sub-Saharan African countries would be prioritised during the COVID-19 pandemic.
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Georgieva said: “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 disrupted global supply chains with ripple effects in various sectors. 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.