Nigerian Nation Proceeds to borrow with or without IMF

IMF having insist that Nigeria must officially devalue its local currency, the naira, the Federal Government may have  closed all intention of seeking for loan facilities from the International Monetary Fund.

The country has instead gone for a total loan package of $2.3 billion from the World Bank and China’s Export-Import Bank, according to the Finance Minister, Mrs. Kemi Adeosun.

Adeosun, who disclosed this to a foreign news network, on Tuesday, said the “Federal Government was hoping to sign in the next few months a loan worth $1.3 billion from China’s Export-Import Bank to fund railway projects and another $1 billion from the World Bank.”

Source:  ripples

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Author: Ziga

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