Buhari Seeks Fresh $5.513 bn Loan from IMF, W’Bank, ADB, Three Others
Finance Minister
President Muhammadu Buhari Thursday approached the Senate seeking an approval for a fresh loan of $5.513 bn from the World Bank, International Monetary Fund (IMF), African Development Bank, Islamic Development Bank, Export, Import Bank of Brazil and the African Export, Import Bank.
The letter seeking the approval of the Upper Chamber on the loan was received by the President of the Senate, Senator Ahmad Lawan and read at a closed session.
The loan is to enable the government finance this year’s budget deficit as well as support the state governments on challenges of the ravaging coronavirus pandemic.
Among the needs for the loan is also to enable government address issues of food security in the country.
It was gathered that the government is seeking $3.4 bn from the IMF, $1.5 bn from the World Bank and the rest from other banks.
The letter seeking the approval of the Upper Chamber on the loan was received by the President of the Senate, Senator Ahmad Lawan and read at a closed session.
The loan is to enable the government finance this year’s budget deficit as well as support the state governments on challenges of the ravaging coronavirus pandemic.
Among the needs for the loan is also to enable government address issues of food security in the country.
It was gathered that the government is seeking $3.4 bn from the IMF, $1.5 bn from the World Bank and the rest from other banks.
FOLLOW US
About Post Author
