What Nigeria told IMF to secure $3.4 billion loan
Nigeria’s Vice President Yemi Osinbajo speaks during the Nigeria/Ecowas Trade and Investment for Development forum in Abuja, Nigeria. [REUTERS/Afolabi Sotunde]Details emerged on Wednesday about the case the Nigerian government made to secure the approval of the Executive Board of the to its request for a $3.4 billion emergency loan. The loan is to assist the country’s effort to contain the impact of the coronavirus pandemic on her economy.
These developments, the Nigerian delegation noted, were worsening the country’s fiscal and external positions, as Nigeria’s oil and gas exports were expected to fall by more than $26.5 billion. On justification for the request for support, Nigeria said it was facing an immediate balance of payments challenge, given the sharp contraction in oil prices and the COVID-19 pandemic, which, if not addressed, would result in immediate and severe economic disruption.
On macroeconomic policies, Nigeria said since the onset of the crisis, its authorities have allowed greater exchange rate flexibility and have taken important steps towards unification of existing FX windows, which should be finalised immediately.In assuring the IMF of government’s seriousness, Nigeria resolved to put certain measures in place to contain the pandemic and mitigate its economic impact.
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