- As the race to curb coronavirus continues, Nigeria and some other countries are set to receive funding from IMF
- According to IMF, the money will assist in the fight against the deadly pandemic
- The organisation is trying to help countries whose economies have been hit hard by COVID-19
Nigeria will soon be some billions richer as the International Monetary Fund (IMF) on Monday, November 16, pledged to assist the country with some funds.
IMF says it will be supporting about 70 countries with $99 billion. The money is to tackle COVID-19 pandemic.
According to The Nation, IMF said it advanced $29 billion under the Rapid Credit Facility and Rapid Financing instrument to Nigeria and other beneficiary countries.
The report said Nigeria will get $3.4 billion of the $29 billion out of the money.
This is coming after coronavirus plunged Africa into its deepest recession in decades.
With this, IMF is trying to support many of the member countries to pull out of the financial implications on their economies.
Legit.ng also reported that the federal government is in the process of acquiring a $750 million loan from the World Bank to help boost the Nigerian economy.
Based on current dollar rates, the total sum of the money in naira is N285,375,000.
This loan according to the minister of finance, Zainab Ahmed, will stimulate the local economy and support vulnerable household consumption.
She disclosed this at an event of the Nigeria COVID-19 Action Recovery and Economic Stimulus (N-CARES) programme in Abuja.
Meanwhile, the minister has revealed that the total public debts of Nigeria would hit N38 trillion by December 2021.
The minister disclosed this on Tuesday, November 3, in her presentation to the Senate committee on local and foreign debts.
According to her, the total public debt stock comprising the external and home debts of the federal and state governments and the Federal Capital Territory stood at N31.01trn (USD85.90 billion) as of June 30, 2020.
CUPP moves to stop $22.7b FG loan request | Legit TV