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updated 10:20 AM UTC, Dec 13, 2023

COVID-19 Pandemic: IMF Approves US$3.4 Billion In Emergency Support To Nigeria

Unic Press UK: The International Monetary Fund (IMF) has approved a US$3.4 billion in emergency financial assistance under the Rapid Financing Instrument to support Nigeria in addressing the severe economic impact caused by the outbreak of COVID-19.

In a statement Tuesday, the IMF said:

“The Executive Board of the International Monetary Fund (IMF) approved Nigeria’s request for emergency financial assistance of SDR 2,454.5 million (US$ 3.4 billion, 100 percent of quota) under the Rapid Financing Instrument (RFI) to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic…. Even before the COVID-19 outbreak, Nigeria’s economy was facing headwinds from rising external vulnerabilities and falling per capita GDP levels. The pandemic—along with the sharp fall in oil prices—has magnified the vulnerabilities, leading to a historic decline in growth and large financing needs.” 

Update on COVID-19 outbreak in Nigeria

 

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