INTERNATIONAL MONETARY FUND APROVES $3.4BN REQUESTED BY NIGERIAN GOVERNMENT FOR EMERGENCY SUPPORT

The International Monetary Fund has approved $3.4bn Emergency Support requested by the Nigerian Government. 

The $3.4bn is part of the $6.9bn loan requested by Nigerian Government to fight Coronavirus in the Country. 

The Deputy Managing Director and Acting Chairperson of IMF executive board, Mitsuhiro Furusawa revealed this in a statement on Tuesday. 

Mitsuhiro said:

“The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses.

“Steps taken toward a more unified and flexible exchange rate are also important and unification of the exchange rate should be expedited.

“Once the COVID-19 crisis passes, the 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.

“Implementation of the reform priorities under the economic recovery and growth plan, particularly on power and governance, remains crucial to boost growth over the medium term."