Nigeria rejected the IMF’s offer to provide $50 billion in loans to struggling countries

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has stated that the Nigerian government has no plans to borrow from the $50 billion facility that the International Monetary Fund (IMF) says is available to support struggling economies in Africa.

Edun conveyed this in a press conference at the World Bank/IMF Spring Meetings which were currently taking place in Washington DC, United States.

IMF Managing Director Kristalina Georgieva has advised countries facing economic stress to act quickly to seek financial support when needed, and warned that delays could worsen economic conditions.

“My advice is that when you need financial help, don’t hesitate to move quickly, because the quicker we act, the more we protect the economy,” he said.

But when responding to a question on Thursday as to whether the Federal Government would approach the IMF to borrow from the fund, Nigeria’s Finance Minister, Edun, answered in the negative.

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“Nigeria currently has no plans to approach the IMF for other similar expenses,” Edun said.

The minister also said at Thursday’s meeting that African countries needed “extra help” at this time.

He emphasized that the crisis in the Middle East is a crisis that has a major impact on countries and economies in Africa, and emphasized that although countries in this region “are not the creators of this situation, they will face greater pressure than other regions.”

The minister added, “This relates to threats to macroeconomic stability, growth trajectories, and their ability to create jobs and reduce poverty in their countries.

And I think this is a clear statement, especially for countries identified as the most vulnerable oil importing countries. They need and deserve extra help right now.”