• August 1, 2021

#COVID-19: Nigeria Receives $3.4Bn Support From IMF

By Amechi Idumuebor, For Agenda Watchdog, April 29, 2020

(AGENDAWATCHDOG) – In order to help Nigeria address the severe economic impact of the #COVID-19 pandemic and sharp fall of oil prices, the board of the International Monetary Fund (IMF), as part of its emergency financial assistance to member countries, has approved the sum of $3.4 billion to support Nigeria.

The emergency financial assistance, facilitated through the Rapid Financing Instrument (RFI), is the highest granted by the IMF to any member country since the onset of the #COVID-19 pandemic. It is expected to help stem the further depletion of Nigeria’s foreign reserves, and help supplement the national budget, which has been distorted by the vagaries of international oil price fluctuations and the unexpected escalation of #COVID-19.

Agenda Watchdog

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