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Home Business News

Nigeria gets $3.4 billion disbursement from IMF, interest rate 1%

Chike Olisah by Chike Olisah
May 6, 2020
in Business News
Nigeria will enjoy foreign investments before December, IMF predicts, IMF, World Bank to hold meetings via conference call over Coronavirus epidemic,Covid-19: IMF pledges to assist low-income member countries, Nigeria gets $3.4 billion disbursement from IMF, interest rate 1%
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Barely a week after its board’s approval, the International Monetary Fund (IMF), has disbursed the sum of $3.4 billion to the Central Bank of Nigeria (CBN).

This emergency fund, which is a Rapid Financing Instrument (RFI), was approved by the IMF on April 28, 2020, to help Nigeria mitigate the devastating impact of the coronavirus pandemic and also to sort out balance of payment issues.

This was disclosed by the Managing Director of IMF, Kristalina Georgieva, during an interview with CNBC Africa, on Tuesday, May 5, 2020.

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In her statement, the IMF boss said, “We have already disbursed the money to Nigeria. In emergency assistance, once the board approves, we disburse within days to the country and it goes to the Central Bank in dollars before it’s converted to naira for the Federal Government’s use.”

“The conditions are quite favourable. The repayment period is five years, up to two and half years is a grace period and the interest on the loan is 1%,” she added.

(READ MORE: The CBN data that can reveal whether we are already in a recession)

Georgieva said that there was a need for all receivers of the emergency funds in Nigeria to keep receipts of expenditure. She pointed out that Nigerians should demand accountability from its leaders in the spending of the emergency funds.

According to her, the funds could not afford to have credibility and accountability take the back seat in the course of the coronavirus crisis.

READ ALSO: Banks repay N387 billion agric loan to CBN

Going further, she said that Nigeria had already met and exceeded the safeguards for disbursement of the funds.

This loan is the single largest disbursement by the Bretton Woods institution to any country that has been ravaged by the coronavirus pandemic.


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Tags: Bretton wood institutionBusiness NewsCBNCOVID-19 PandemicIMFKristalina GeorgievaNigerian Business NewsRapid Financing Instrument
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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