New Telegraph

Covid-19: IMF’s support to Nigeria, others hits $17.5bn

The International Monetary F u n d ( I M F ) , since the onset of the coronavirus (Covid- 19) pandemic, has extended financial assistance amounting to over $17.5billion to Nigeria and other countries in Sub-Saharan Africa (SSA), to enable them address the impact of the crisis.

The Managing Director of the IMF, Ms. Kristalina Georgieva, disclosed this in a joint statement that she and the European Commissioner for International Partnerships, Ms. Jutta Urpilainen, issued at the start of the Ninth African Fiscal Forum titled, “Time for Brave Policies,” which kicked off yesterday. According to the statement, apart from the IMF’s financial assistance to the region, Europe has contributed €6.2 billion to SSA’s external response to Covid-19 and more than €1 billion has also been provided through European Union (EU) budget support to create fiscal space for the pandemic response efforts.

It, however, noted that despite the financial support from the fund and the European Commission, coupled with many SSA countries’ swift fiscal policy response to the crisis, “2021 is likely to be another very challenging year for the region.” “Even if vaccines become widely available, daunting development challenges remain. If unaddressed, extreme poverty and inequality will inevitably continue to rise, and education achievements will be held back, with critical implications for social stability and security, especially in more fragile environments,” the statement said. It noted: “Sub-Saharan Africa (SSA) continues to grapple with an unprecedented health, social and economic crisis.

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