MON, APRIL 06 2020-theG&BJournal- The Minister of Finance, Budget and National Planning Zainab Ahmed Shamsuna said Monday at a press conference in Abuja that the Federal Government (FG) is seeking impact funding from the IMF, the World Bank and the African Development Bank (AfDB) to offset the outcome of the COVID-19 pandemic and oil price fall.
Analysts told theG&BJournal that they expect the funding to be delivered under World Bank’s Rapid Credit Facility concessional lending terms which come with zero interest rate.
The FG will be asking the IMF for $3.4 billion, $2.5 billion from the World Bank and another $1 billion from the African Development Bank (AfDB).
Shamsuna said in the press conference that the FG is already in talks with lenders to suspend the country’s debt repayments for this year and 2021.
Financing under the World Bank’s Rapid Credit Facility concessional lending terms also comes with a grace period of five and half years and a final maturity of 10 years.
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