The World Bank has approved a 500-million dollar Development Policy Credit to support Nigeriaâ€™s economic reforms in the financial sector and public financial management.
The World Bank announced this in Abuja on Thursday in a statement issued by Mr. Obadiah Tohomdet, Senior Communications Specialist.
The statement said the credit was in response to the current global financial crisis. It quoted Mr Michael Fuchs, Lead Financial Economist and Task Team Leader, as saying, â€œthe loan is intended to provide budgetary support to the Federal Government of Nigeria to partially off-set the fiscal impact of the crisisâ€.
It said the loan was also to â€œmaintain its (Nigeria) current economic reform path in the financial sector, fiscal policy and financial management and governanceâ€.
According to the statement, the World Bank Country Director for Nigeria, Onno Ruhl while commenting on the assistance, said: â€œThe benefits to be derived from the programme include maintaining confidence and stability in the financial system.