The International Monetary Fund (IMF) is expected to recommend the approval of $3.4 billion in emergency funding for Nigeria as part of measures to cushion the impact of COVID-19 on the nation’s economy.
The loan, which is scheduled to be repaid in not more than five years, is considered the largest allocation by the IMF to an African country to assist with the coronavirus pandemic.
Minister of Finance, Zainab Ahmed, earlier this month referred to the loan as part of funds being expected from multilateral organisations to aid the country’s battle against the pandemic.
According to Bloomberg, the IMF Executive Board will meet on Tuesday this week to review the request.
Since the outbreak of COVID-19 was confirmed in the country on February 27, the pandemic has gone on to disrupt daily life, forcing the government to shut schools, impose lockdowns, and restrict large gatherings among other things.