The federal government has made an official request to the International Monetary Fund (IMF) to release its $3.4bn contributions to enable it tackle the huge impact of the Covid-19 Pandemic on the country.
Zainab Ahmed, Minister of Finance, Budget and National Planning, said the anticipated funds would come at no conditions as the IMF encourages member countries to apply for 50 to 100 percent of their contributions as Coronavirus rapid response stimulus.
She was addressing a press conference in Abuja on Monday on the federal government covid-19 fiscal stimulus measures in response to covid-19 and oil price fall.
Ahmed said considering the level of talks that has gone in already, government expects the IMF money would be the first to come in, at most 6 weeks from now.
The government is also in talks with the World Bank for a donation of up to $2.5bn – $1.5bn on behalf of the federal government and $1bn for the states.
A similar request has also been made to the African Development Bank for up to $1bn as well as from the Islamic Development Bank, which she didn’t give details on.
“Let me state that the request we have made to the IMF, World Bank, AfDB and Islamic Development Bank are requests for donation, both for the federal government and for the state,” Ahmed clarified.
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