The International Monetary Fund (IMF) on Monday revealed that it provided an economic funding support totalling $99 billion to 70 emerging and developing economies to tackle COVID-19 pandemic.
In an emailed report, the IMF said it advanced $29 billion under the Rapid Credit Facility and Rapid Financing instrument to Nigeria and other beneficiary countries.
Nigeria got $3.4 billion of the $29 billion to enable it strengthen balance of payment and local currency.
Many African countries like Ghana, Gabon and South Africa, among others, have been knocking on the IMF’s door for financial assistance to fight the pandemic.
IMF Managing Director Kristalina Georgieva said the fund was meant to assist Nigeria’s fight against COVID-19 and resolve urgent balance of payment needs.
“The fund’s rapid response helped many countries to contain and mitigate the impact of this external shock,’’ according to the report.
The multilateral institution added that it had provided relief to more than one-third of its membership.
“Since the onset of the pandemic, the IMF has responded rapidly and decisively to meet urgent and exceptional demand for financial assistance from its membership,” it said in the statement.
