NIGERIA RECEIVES $3.4bn EMERGENCY LOAN FROM IMF
The Federal Government of Nigeria has received $3.4bn emergency assistance loan from the International Monetary Fund (IMF).
According to the Federal government,the fund was approved under the Rapid Financial Instrument by the Executive Board of the IMF on April 28.T
The funds will be used to cushion the effects of economic impact of COVID-19 in the country, according to the Federal Government.
The Managing Director of IMF, Kristalina Georgieva, reportedly told CNBC Africa on Tuesday that $3.4bn had been deposited into the account of the Central Bank of Nigeria.
He reiterated that there should be credibility and transparency in funds management.
In response, the Federal Government said that all spendings would be made known to members of the public, adding that audit will be made at the end of the pandemic.
Federal Government added that IMF are allowed to conduct a due diligence exercise on the CBN, in line with the Funds safeguards assessment program.
Georgieva disclosed that Nigeria has met and exceeded the safeguards for the disbursement of funds.
Speaking further, she said the funds were disbursed within days to Nigeria's account in dollars.
According to her, the repayment period is five years, adding the there is a grace period of not more than 2 years with interest of one per cent.
IMF promised to continue to support Nigeria and other countries.
" We have put in place policy tracking action, and we are seeing progress each country is making."
The Nigeria Government, including the public and private sectors, had been contributing financially to support the fight against COVID-19.
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