The International Monetary Fund (IMF) has confirmed disbursing the sum of $3.4 billion as an emergency loan to aid the fight against COVID-19 in the country.
IMF Managing Director, Ms Kristalina Georgieva, reportedly told CNBC Africa in an interview that the $3.4 billion loan had been credited to the account of the Central Bank of Nigeria (CBN).
Okay.ng recalls that the funds had been approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28.
Ms Georgieva also called on the Federal Government of Nigeria to be transparent and account for every single kobo of the fund.
According to her, the money was sent to the CBN’s account in dollars, after which it would be converted to naira.
She said: “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 percent.”
Georgieva also said IMF will continue to support Nigeria and other member countries.
She said: “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.”
