The International Monetary Fund has advised Nigerian banks, and their counterparts across the world to restructure loans given to sectors that were badly hit by the Coronavirus Pandemic.

In a report titled: ‘Maintaining Banking System Safety amid the COVID-19 Crisis’, the IMF Director of the Monetary and Capital Markets Department, Tobias Adrian, said the pressure on the banking system is growing and higher defaults on debt are imminent, insisting that a shock to the financial sector similar in magnitude to the 2008 crisis will occur.

Mr. Adrian advised regulators and supervisors to clearly communicate to banks to be proactive in rescheduling their loan portfolio for borrowers.

He said economic upheaval facing the world today, has surpassed that witnessed during the global financial crisis, hence the need to help those hurt by it.