-YOMMY AYILARA.
IMF Approves $3.4bn For Nigeria’s fight against COVID-19.
The board of the International Monetary Fund (IMF) has approved the sum of $3.4 billion to support Nigeria’s COVID-19 fight.
This is in record, the highest sum of money given to any other member country. The emergency financial assistance to Nigeria is the greatest so far.
The IMF Executive Board today, the 28th, April 2020 approved US$3.4 billion to help Nigeria address the severe economic impact of the #COVID19 pandemic and the sharp fall of oil prices.
This was revealed via a tweet @IMFNews.
The assistance, enabled via the Rapid Financing Instrument (RFI), will help limit the decline in Nigeria’s international reserves
IMF said, the assistance would;
“ provide financing to the budget for targeted and temporary spending increases aimed at containing and mitigating the economic impact of the pandemic and of the sharp fall in international oil prices.”
