IMF officially disburses $3.4bn loan to Nigeria

The International Monetary Fund (IMF) has officially disbursed the $3.4bn emergency financial assistance to Nigeria, IMF Managing Director, Kristalina Georgieva has said.

The IMF chief made this known on Tuesday in an interview with CNBC Africa as the Coronavirus disease (COVID-19) continues to take tolls across the country.

“Nigeria has been hit by the economic fall out from this pandemic. It is hit because of measures it takes. It is hit because of the spill over of the restrictions in the world’s economy and it is then hit on top of it by the collapse of crude oil prices.

“We have already disbursed. In emergency assistance, the board approves, we disburse within days to the country and it goes to their central bank in dollars before it gets converted into naira in the case of Nigeria.



“The conditions are quite favourable. Repayment period is five years, up to two and half years is grace period and the interest on the loan is one per cent.

“We have put in place policy tracking action, and we are seeing progress each country is making. The IMF will continue to support countries and shield them from catastrophic implications of the COVID-19 crisis,” the IMF chief said.