Posted on Nov 17, 2020
The International Monetary Fund (IMF) on Monday released its updated 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.
The fund said other countries also benefited from the support fund through other channels, including augmentations under existing programmes, to the tune of over $70 billion, thus bringing the total support fund to the $99 billion.