Economics
IMF Approves $3.4 Billion in Emergency Funding for Nigeria
- IMF mobilizing more than $18 billion for African countries
- Funds may be available by end of this month, Georgieva said
Members of the Nigerian Red Cross Society during the distribution of emergency kits to residences in Lagos State on April 25.
Photographer: Olukayode Jaiyeola/NurPhoto via Getty ImagesThis article is for subscribers only.
The International Monetary Fund approved $3.4 billion in emergency funding to Nigeria, the single biggest disbursement for any country yet with the coronavirus pandemic.
In a statement, IMF Deputy Managing Director Mitsuhiro Furusawa said that the pandemic and the plunge in oil prices are severely impacting Nigeria, and that the funds will provide much-needed liquidity to respond to urgent balance of payments needs. He also called for the country to expedite the unification of its exchange rate.