JUST IN: IMF approves $3.4bn for Nigeria's COVID-19 fight
Afnews Editor
Apr 28, 2020
The board of the International Monetary Fund (IMF) has approved the sum of $3.4 billion to support Nigeria's COVID-19 fight.
The emergency financial assistance to Nigeria is the highest so far to any member country.
READ ALSO: 2023: Shekarau reveals region that should produce Nigeria's next president | READ DETAILS
The assistance, facilitated via the Rapid Financing Instrument (RFI), will help limit the decline in Nigeria's international reserves, the IMF said.
It will also help to provide financing for the country's budget, which has been severely affected by falling oil prices triggered by the pandemic and price wars.
READ ALSO: Idris Deby changes mind, will continue war against Boko Haram
The IMF praised the Nigerian government's "immediate" response to the crisis, describing it as "welcome."
READ ALSO: Senator David Mark's First Son Is Dead
However, it noted that short-term focus should be on higher health spending and palliative for households and businesses.
READ ALSO: From Abia to the World: Ubani Norah Redefines Event Planning with Historic MSc Achievement!
The financial body also said Nigeria should take steps to unify its exchange rate as quickly as possible.
After the COVID-19 crisis passes, Nigeria's "focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria's debt sustainable and create fiscal space for priority spending,", Deputy Managing Director and Acting Chair of the IMF, Mr Mitsuhiro Furusawa said.
Related Stories
REVEALED: How All Progressives Congress (APC) Played Into The Opposition Hands Ahead Of 2027 - Sumner Sambo Warns
I Will Not Allow Criminality As President, Peter Obi Declares
Why El-Rufai Was Returned To ICPC Custody?
Sowore's Miscalculation and the Need to beat a Wise Retreat
Tinubu Breaks Silence on Hardship, Inflation, Power Crisis - Vows Nigeria Will Overcome Economic Storm
"Terrorists Have Outgunned Our Troops" - Ndume Raises Alarm Over Boko Haram War, Sends Urgent Message To Tinubu
""
— Afnews Editor