April 24, 2020 / 2:42 PM / a month ago

IMF to consider Nigeria's $3.4 billion request on April 28 - statement

FILE PHOTO: The International Monetary Fund (IMF) headquarters building is seen ahead of the IMF/World Bank spring meetings in Washington, U.S., April 8, 2019. REUTERS/Yuri Gripas

ABUJA/LAGOS (Reuters) - The International Monetary Fund on Friday said it would meet on April 28 to consider Nigeria’s request for $3.4 billion in emergency financing to combat the impact of the coronavirus.

Sources told Reuters that setting a date to take the request before the board is a sign the proposal was slated for approval.

Nigeria, which is reeling from the twin hits of the oil price collapse and the new coronavirus pandemic, requested the emergency funding under the Fund’s Rapid Financing Instrument.

Finance Minister Zainab Ahmed is seeking a total of $6.9 billion from the IMF and other multilateral lenders.

The money would allow the government to address additional and urgent balance of payments needs, and to direct funds to priority health expenditures.

Reporting By Chijioke Ohuocha in Abuja and Libby George and Alexis Akwagyiram in Lagos; Editing by Ken Ferris

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