Yesterday, Tuesday, 28th of April, the International Monetary Fund IMF approved the sum of $3.4 billion emergency loan for Nigeria to help the nation deal with the economic damage caused by the crude oil price crash and the COVID 19 pandemic.
The relief fund came from the International Monetary Fund’s Rapid Financial Instrument. A lot of the funds have been allocated to vulnerable economies that have suffered significantly from the effects of the lock down to help curb the spread of the COVID 19 virus.
The relief fund from the IMF is expected to provide funds for certain expenses aimed at mitigating the effects of the pandemic on the Nigerian economy and to reduce the fall of the country’s international reserve.
The deputy managing director of the International Monetary fund’s, Mitsuhiro Furusawa, noted that the crude oil price crash and the massive fall in the demand of the product worldwide, has caused significant damage in Nigeria’s economy which has resulted in the country’s large external financial need for 2020.
