May 17, 2024
FG In Talks With World Bank For $1.5bn Budget Support Loan
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FG In Talks With World Bank For $1.5bn Budget Support Loan

The Federal Government is in talks with the World Bank about securing a $1.5billion budget support facility.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, confirmed this at the Nigerian Delegation briefing on the sidelines of the International Monetary Fund (IMF)/World Bank Annual Meeting in Marrakech, Morocco, on Saturday.

Mr. Edun said the World Bank has interest-free money, through the International Development Association (IDA), which is meant for poorer countries. According to the Minister, Nigeria currently qualifies as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding.

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He also noted that there is no stigma attached to qualifying for World Bank funding to help finance development.

On IMF’s advice to increase taxes and interest rate, the minister said the country had no loan programme in the offing with them, and as such, he was not privy to where they proposed an increase in taxes and interest rates to Nigeria.

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