Updated: March 5, 2021
The Managing Director of the International Monetary Fund (IMF) Ms. Kristalina Georgieva warned on Tuesday that the Nigerian economy was under threat by “twin shocks”, and the government had requested a financial assistance from the Fund.
“Nigeria’s economy is being threatened by the twin shocks of the COVID-19 pandemic and the associated sharp fall in international oil prices,” Ms. Georgieva said in a statement received by TODAY NEWS AFRICA in Washington D.C.
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“President Buhari’s administration is taking a number of measures aimed at containing the spread of the virus and its impact, including by swiftly releasing contingency funds to Nigeria’s Center for Disease Control and working on an economic stimulus package that will help provide relief for households and businesses impacted by the downturn.
“To support these efforts, Nigeria’s government has requested financial assistance under the Fund’s Rapid Financing Instrument (RFI),” she added.
Ms. 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”.
“We are working hard to respond to this request so that a proposal can be considered by the IMF’s Executive Board as soon as possible,” the IMF boss said.