The managing director of the International Monetary Fund(IMF), Kristalina Georgieva, has announced that the sum of $3.4bn has been paid to Nigeria through the Central Bank of Nigeria(CBN) dollar account.
Making the announcement via a statement, she further revealed that the repayment plan for the money is five years.
“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.
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“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.
“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.