IMF approves $3.4bn for Nigeria’s COVID-19 fight


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.

The assistance, facilitated via the Rapid Financing Instrument (RFI), will help limit the decline in Nigeria’s international reserves “and 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,” the IMF said.

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