World Bank negotiations for a $900 million budget help are nearly complete, according to the minister

Dr. Mohammed Amin Adam, the minister of state for finance, has said that talks are ongoing to obtain $900 million in budget support from the World Bank.

He said that after the nation decided to approach the IMF, it also submitted an application for a budget support facility that will be paid out over the following three years.

“Once we submitted an application for the IMF-backed plan, we also began working with the World Bank for budget support, and I’m delighted to say that we’ve made significant progress.

“The negotiations with the World Bank for a $900 million budget support that will be paid out in equal annual payments of $300 million are virtually at an end.

He was quoted by myjoyonline.com as saying, “And so, for the next three years, while the IMF is disbursing the $ 3 billion, the World Bank will also be disbursing $900 million, $300 million each year.”

Dr. Amin Adam also disclosed that the World Bank had pledged $250 million to its nation’s Financial Stability Fund.

This will assist regional banks with their liquidity problems.

“The World Bank has also agreed to contribute $250 million to the Financial Stability Fund, and we are also in discussions with the African Development Bank about contributing an additional $100 million or so.

He stated, “We’re hopeful that other development partners will step up to support our economy, not just through budget support but through the Financial Stability Fund so that we can strengthen the domestic banking system.