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IMF Approves $3.4B Emergency Loan For Nigeria

IMF Managing Director, Kristalina Georgieva
The International Monetary Fund (IMF), has on Tuesday, approved the $3.4 billion emergency financial assistance to Nigeria to help in the fight against coronavirus.

The Executive Board had approved the request of Nigeria under the Rapid Financing Instrument (RFI).

IMF clarified that the impact of COVID-19 on economy is expected to be severe, although high downside risks have increased already. It also noted that even before the pandemic, Nigeria’s economy was facing headwinds from other external vulnerabilities and the fall of the GDP level.

The body also added that the pandemic along with the fall in oil prices has added to the vulnerabilities which had led to a historic decline in growth and also increase in financial needs.

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