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.
According to Bloomberg, the IMF Executive Board will meet on Tuesday next week to review the request.
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.
Since 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.
As of 10 pm on Saturday, Nigeria had 1,095 confirmed coronavirus cases out of which there have been 208 recoveries and 32 deaths.
Globally, there have been more than two million confirmed cases and over 200,000 deaths.