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IMF considers financial assistance for Nigeria

The International Monetary Fund says it is working hard to consider Nigeria’s request for financial assistance under its Rapid Financing Instrument

In a statement, IMF’s President, Ms. Kristalina Georgieva said the emergency financing would allow the government to address additional and urgent balance of payments needs and support policies that would make it possible to direct funds for priority health expenditures and protect the most vulnerable people and firms.

She said Nigeria’s economy was threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices, which makes the country worthy of consideration for assistance.

The IMF President acknowledged President Buhari’s measures of containing the spread of the virus and its impact, by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that would help provide relief for households and businesses impacted by the downturn.

Biodun Dare

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