Home Sectors BUSINESS & ECONOMY FG Has Fulfilled World Bank’s Loan Requirements – Finance Minister

FG Has Fulfilled World Bank’s Loan Requirements – Finance Minister

Zainab Ahmed, the minister of finance, budget and national planning, says the federal government has fulfilled the conditions required for the World Bank loan.

Ahmed said on Friday that Nigeria is in the final stages of negotiating the loan.

At the onset of the COVID-19 pandemic, the federal government requested for loans totalling $6.9 billion from the World Bank, International Monetary Fund and African Development Bank to fund budget shortfall.

Nigeria received $3.4 billion facilities from IME in April.

However, the $1.5 billion World Bank loan was delayed with reports that the Bretton Wood institution is not convinced about Nigeria’s fiscal and monetary reforms.

Nigeria has removed subsidy paid on petrol and devalued the naira from ₦305/$ to ₦360 and now ₦380/$.

According to Ahmed, the World Bank will discuss the loan package at their next meeting and possibly approve the request.

The minister also explained that Nigeria is also considering joining the G-20 debt relief initiative and is already talking to commercial lenders to secure their backing.

“We will consider joining as long as it is safe for us to do so,” Ahmed said.


Leave a ReplyCancel reply

Exit mobile version