IMF APPROVES EMERGENCY LOAN TO NIGERIA

The International Monetary Fund has approved a $3.4 billion emergency assistance loan to Nigeria, helping support the country’s coronavirus response.

The funds will help Nigeria limit a decline in international reserves and help mitigate the impact of both coronavirus and declining oil prices.

Nigeria will take steps to help households and businesses, while moving toward a more unified and flexible exchange rate.

“Once the COVID-19 crisis passes, the focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending,” said Mitsuhiro Furusawa, IMF’s Deputy Managing Director.