Nigeria has asked the World Bank and the African Development Bank for $3.5 billion dollars to help plug a $15 billion dollar hole in its budget.

奈及利亞已向世界銀行與非洲開發銀行要求了35億美元，來補足他們預算中的150億美元

It's result of the damage being done to Nigeria and other oil exporters by the collapse in the price of crude,

這是原油價格大跌對奈及利亞以及其他原油輸出國家所造成的影響

from $115 a barel 18 months ago to about $35 dollars today.

原油從十八個月前每桶115美元大跌至今天的每桶35美元

Oil and gas supply about a third of Nigeria's GDP, and 90% of its exports revenues, so times are extremely tough.

石油與天然氣的供給大約佔了奈及利亞GDP的三分之一，其中有9成是出口收入，所以目前的狀況對於奈及利亞而言是非常艱困的

But emergency funding from the World Bank and the ADB?

那麼來自世界銀行與非洲開發銀行的應急資金呢？

Isn't emergency funding the IMF's job?

這筆資金難道與國際貨幣基金組織無關嗎？

Emergency funding typically comes from the International Monetary Fund, that's what the IMF is,

應急資金通常是來自於國際貨幣基金組織，這也是為什麼國際貨幣基金組織是

the world's lender of last resort.

全球在萬不得已的情況下才會尋求協助的依靠

Nigeria says there is no emergency, it's just borrowing wisely at below-market rates.

奈及利亞表示：目前並未處於緊急狀態，他們只是聰明地以低於市場利率的方式借款

The IMF says it agrees, but it looks as though Nigeria is getting IMF style money without IMF style conditionality.

國際貨幣基金組織表示同意，但看起來，奈及利亞似乎不受國際貨幣基金組織的條件限制，卻能夠得到如國際貨幣基金組織般的援助。

The lenders say they want to see progress on structural reforms,

借款人表示他們想看到結構性改革的進展

but the conditions would be far less stringent than it would have been in an IMF program.

但他們的條件不會如國際貨幣基金組織計畫那樣嚴格

What about the markets?

市場呢？

The last time Nigeria went to international markets in July 2013, it paid about 6% a year to borrow a billion dollars.

奈及利亞上一次進入國際市場是2013年7月，那一次他們以每年6%的利息借了十億美元

If it went back today, it might have to pay more than 10%, a different proposition from the 3% or less,

如果他們在今天借款，他們可能得付出比10%還高的利息，這不同於他們所希望的3%或甚至更少

it hopes to pay for its $3.5 billion.

來支付那35億美元

It's the same for all the sub-Saharan countries who borrowed so cheaply in the boom years that are now over.

這與撒哈拉沙漠以南的所有國家一樣，他們在經濟繁榮的時期以低利率借款，但現今的情況已不如以往

And of course it's not just African countries that are suffering on the cheap commodities.

當然，非洲國家並非唯一因商品低價而受影響的地區

Azerbaijan may be the next to ask for a emergency funding.

亞賽拜然可能會是下一個要求應急資金的國家

The World bank may not have enough to go around.

屆時，世界銀行可能將沒有足夠的資金去因應他們的需求