About a day after the Federal Government got over $311m Sanni Abacha loot repatriated, it has received another major intervention from the International monetary Fund.
The IMF says it has credited Nigeria’s account with the $3.4bn emergency financial assistance, noting that it got there in dollars.
IMF Managing Director, Kristalina Georgieva, was quoted as telling CNBC Africa on Tuesday that the $3.4bn had been credited to the account of the Central Bank of Nigeria.
The IMF chief stressed the need for transparency and accountability in the management of the funds.
“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,” she said.
Georgieva, in the same vein, said IMF will continue to support Nigeria and other member countries.
“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,” she said.
Although the Federal Government has not announced receiving the fund, it had said it would use the funds, which was approved under the Rapid Financing Instrument by the Executive Board of the IMF on April 28, to address challenges arising from the economic impact of the COVID -19 in the country.
