Daily Management Review

IMF approves $3.4B tranche to Nigeria to fight COVID-19


The International Monetary Fund has approved a tranche of $ 3.4 billion to Nigeria to fight coronavirus, the fund said in a statement.

Reginald Bassey
Reginald Bassey
"The IMF has approved the provision of emergency financial assistance in the amount of $ 3.4 billion as part of the quick financing mechanism to support the authorities' efforts to respond to the serious economic consequences of the shock from COVID-19 and the sharp drop in oil prices," the press release reads.

It is noted that these two factors created for Nigeria "large external needs and funding requirements in 2020."

"An additional reduction in oil prices and delaying the adoption of measures to curb the spread of the virus can seriously harm the real and financial sectors and cause problems with financing in the country," the document says.

The allocated funds will allow Nigeria to get liquidity to meet emergency needs, according to the IMF.

Earlier, the managing director of the International Monetary Fund, Kristalina Georgieva, said that more than 100 countries have requested emergency support from the IMF in connection with the coronavirus pandemic, and about half of these applications have already been satisfied. The fund is ready to use 1 trillion dollars for this.

source: imf.org