To address the severe economic impact of the COVID-19 shock and the sharp fall in oil prices on Nigeria, the International Monetary Fund (IMF) has approved US$3.4 billion which the country requested for.
To address the severe economic impact of the COVID-19 shock and the sharp fall in oil prices on Nigeria, the International Monetary Fund has approved US$3.4 billion which the country requested for.
That is Nigeria’s entire savings with the IMF, “under the Rapid Financing Instrument to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.” This money from the IMF, she explained “is a programme that has no conditions attached to IMF programmes and this is not an IMF programme.
It noted that “even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capital GDP levels.” Following the Executive Board’s discussion of Nigeria, Mr. Mitsuhiro Furusawa, Deputy Managing Director and Acting Chair, said, the authorities’ immediate actions to respond to the crisis are welcome.
“Implementation of the reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term” the IMF told Nigeria.
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