By Kola Alhassan with agency reports
The International Monetary Fund (IMF) has said there is no embargo on loan facilities to Nigeria and other developing economies who are its members.
This was made known at an online media briefing in Washington DC, United States (U.S.) yesterday.
The IMF noted that the loans are aimed protecting member countries from losing focus of their long-term financial goals.
It also said it would help them achieve financial security.
The IMF sought measures to strengthen policy frameworks and ensure financial support for businesses.
It said: “We emphasise the importance of the global financial safety net, and countries having access to that as appropriate, including, of course, support from the IMF, which we stand ready to provide as needed by our membership.”
According to the Debt Management Office (DMO),there is a rise in Nigeria’s total public debt from N32.92 trillion in 2020 to N39.56 trillion at the close of 2021.
