"Nigeria secures World Bank\u2019s approval for $2.25 billion loan to boost reforms"

" Nigeria secures World Bank\u2019s approval for $2.25 billion loan to boost reforms \r\n\r\n The World Bank has announced the approval of two significant financial operations aimed at bolstering Nigeria\u2019s economic stability and supporting its vulnerable populations.\u00a0 \u00a0 \r\n\r\n According to a statement from the bank on Thursday, the combined package, totalling $2.25 billion, comprises the $1.5 billion Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and the $750 million Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).\u00a0 \u00a0 \r\n\r\n This financial infusion is intended to provide immediate financial and technical support for Nigeria\u2019s urgent economic stabilization efforts. \u00a0 \r\n\r\n It also aims to enhance the country\u2019s non-oil revenue generation and safeguard oil revenues, thereby promoting fiscal sustainability and enabling the delivery of quality public services.\u00a0 \u00a0 \r\n\r\n The statement from the bank read:\u00a0 \u201cThe World Bank has today approved two operations: $1.5 billion for the Nigeria Reforms for Economic Stabilization to Enable Transformation (RESET) Development Policy Financing Program (DPF) and $750 million for the Nigeria Accelerating Resource Mobilization Reforms (ARMOR) Program-for-Results (PforR).\r\n\r\n\u201cThis combined $2.25 billion package provides immediate financial and technical support to Nigeria\u2019s urgent efforts to stabilize the economy and scale up support to the poor and most economically at risk. It further supports Nigeria\u2019s ambitious, multi-year effort to raise non-oil revenues and safeguard oil revenues to promote fiscal sustainability and provide sufficient resources to deliver quality public services.\u201d\r\n Bold reforms to restore macroeconomic stability \u00a0 \r\n In the statement by the World Bank, Wale Edun, Nigeria\u2019s Minister of Finance and Coordinating Minister of the Economy, was quoted, expressing optimism about the reforms. \u00a0 \r\n\r\n He said:\u00a0 \u201cWe have embarked on bold and necessary reforms to restore macroeconomic stability and put the country back on a sustainable and inclusive economic growth path that will create quality jobs and economic opportunities for all Nigerians.\r\n\r\n\u201cWe welcome the support of the RESET and ARMOR programs as we further consolidate and implement our macro-fiscal and social protection policy reforms, consistent with accelerating investment and redirecting public resources sustainably to achieve development priorities.\u201d\r\n\r\n Also. Ousmane Diagana, the World Bank Vice President for Western and Central Africa, highlighted the importance of sustaining the reform momentum. \u00a0 \r\n\r\n Diagana said:\u00a0 \u201cNigeria\u2019s concerted efforts to implement far-reaching macro-fiscal reforms place it on a new path which can stabilize its economy and lift its people out of poverty. It is critical to sustain the reform momentum and continue to scale up and expand protection to the poor and economically at risk to cushion the effects of cost-of-living pressures on citizens.\r\n\r\n\u201cThis financing package reinforces the World Bank\u2019s strong partnership with Nigeria, and our support towards reinvigorating its economy and fast-tracking poverty reduction, which can serve as a beacon for Africa.\u201d\r\n\r\n What you should know \u00a0 \r\n\r\n During a press briefing at the end of Nigeria\u2019s activities at the World Bank\/IMF Spring Meetings in Washington DC, the United States, the Minister of Finance, Wale Edun, had said that\u00a0 the Federal Government was looking forward to receiving around $2.2 billion single-digit interest loan from the World bank \u00a0and another budget support facility from the African Development Bank (AfDB). \u00a0 \r\n\r\n Nairametrics reported that the\u00a0 World Bank might approve loans to Nigeria totalling $2.25 billion across two major projects on June 13, 2024 . \u00a0 \r\n\r\n Data from the external debt stock report of the Debt Management Office (DMO) shows that Nigeria owes the World Bank a total of $15.45 billion as of December 31, 2023.\u202f \r\n<div class=\"ai-viewport-1\" data-insertion-position=\"prepend\" data-selector=\".ai-insert-19-26248449\" data-insertion-no-dbg=\"\" data-code=\"PGRpdiBjbGFzcz0nY29kZS1ibG9jayBjb2RlLWJsb2NrLTE5JyBzdHlsZT0nbWFyZ2luOiA4cHggMDsgY2xlYXI6IGJvdGg7Jz4KPCEtLSBBY3RpdmUgLS0+CjwhLS0KPGRpdiBhbGlnbj0iY2VudGVyIj48YSBocmVmPSJodHRwczovL2phaXpiYW5rcGxjLmNvbS8iIHRhcmdldD0iX2JsYW5rIiByZWw9Im5vb3BlbmVyIG5vcmVmZXJyZXIiPjxpbWcgY2xhc3M9ImFsaWduY2VudGVyIHdwLWltYWdlLTE3NzAzMyBzaXplLW1lZGl1bSIgc3JjPSJodHRwczovL2kuaWJiLmNvL2JkdlFjRGcvTkFJUkFNRVRSSUNTLUNSRUFUSVZFLUZPUi1SRU5FV0FMLTEuanBnIiBhbHQ9IkphaXogYmFuayIgLz48L2E+PC9kaXY+LS0+CjwvZGl2Pgo=\" data-block=\"19\">\r\n \r\n \r\n \u00a0 "

"Nigeria secures World Bank\u2019s approval for $2.25 billion loan to boost reforms"

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