The World Bank warned Tuesday that even though the global economic growth could rebound next year, the number of people living in extreme poverty is expected to remain unchanged after a huge surge this year due to the coronavirus pandemic.

World Bank has said that global remittances are projected to decline sharply by about 20 percent in 2020 due to the economic crisis induced by the COVID-19 pandemic and shutdown.

The World Bank warned Thursday that sub-Saharan Africa could slip into its first recession in a quarter of century because of the coronavirus pandemic on the world’s most impoverished continent.

The International Monetary Fund (IMF) has said that the $3.4 billion credit facility being requested by the Nigerian government attracts a 1.5% interest rate.

Nigeria's debt to the World Bank Group rose by $1.3bn in one year to $9.81bn as of September 2019, latest data from the Debt Management Office showed on Wednesday, January 29, 2020.