Nigeria and other countries are to enjoy zero interest rates on all concessional facilities of the International Monetary Fund (IMF) until 2018.
IMF’s Managing Director, Ms Christine Lagarde, disclosed this yesterday at the ongoing IMF/ World Bank 2016 General Meeting in Washington D.C. with the theme: “We can end poverty together, global problem and global solutions’’.
She said that after the duration (2018), IMF would maintain low interest rates around the world.
The Minister of Finance, Mrs Kemi Adeosun has been negotiating to borrow from multilateral institutions like the IMF and the World Bank to fund capital projects in the country.
Adeosun reiterated the country’s plan to get cheap loans to bridge the nation’s infrastructure deficit in critical sectors.
So now, Nigeria alongside others with economic challenges can access long time concessionary facilities from the IMF at zero interest rate.