The World Bank expects to make a decision in late July on a $1.5 billion loan to support Nigeria as it fights the novel Coronavirus, the Bank’s country director said in an interview at the weekend.
The World Bank is working on packages that could provide more than $3 billion to Africa’s largest economy, which is facing what the lender says may be its greatest fiscal crisis in 40 years, set off by the Coronavirus pandemic and resulting oil price crash.
“We were hoping to present to our board by late July or latest early August, because the government will need the finance,” Shubham Chaudhuri, its Nigeria country director, told Reuters.
“The immediate challenge is a fiscal one: How does the government marshal the fiscal resources to keep basic government functions going?” Chaudhuri said. (Reuters)