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IMF Sets To Approve Nigeria’s $3.4bn Emergency Fund Request On Tuesday



IMF Endorses VAT Increase, Gives Reason

The International Monetary Fund (IMF) might approve Nigeria’s request for $3.4 billion  emergency fund on Tuesday as a pallaitive measure against COVID-19 Pandemic

Naija News leant that the international finance agency said it would consider Nigeria’s request for $3.4 billion in emergency financing to combat the impact of the coronavirus.

Sources told Reuters that setting a date to take the request before the board is a sign the proposal was slated for approval.

Nigeria, which is reeling from the twin hits of the oil price collapse and the new coronavirus pandemic, requested the emergency funding under the Fund’s Rapid Financing Instrument.

Finance Minister Zainab Ahmed is seeking a total of $6.9 billion from the IMF and other multilateral lenders.

The money would allow the government to address additional and urgent balance of payments needs, and to direct funds to priority health expenditures.

Source: Naija News

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