SAN FRANCISCO, November 17, (THEWILL) – The International Monetary Fund (IMF) on Monday released its updated economic funding support totaling $99 billion to 70 emerging and developing economies.
In its report, the IMF said it advanced $29 billion under the Rapid Credit Facility and Rapid Financing instrument to Nigeria and other beneficiary countries.
IMF Managing Director Kristalina Georgieva said the fund was meant to assist countries to 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’’, the report stated.
Nigeria got $3.4 billion of the $29 billion to enable it to 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 $99 billion.
“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 added.
Since March 2020, 70 members, including many low-income countries, have received financial support under the two instruments created to address urgent financing needs that may arise from natural disasters (including pandemics, earthquakes and hurricanes).
The IMF explained that in April, it approved a broad package of reforms, which built on previous changes to strengthen the reach and flexibility of financial assistance under these faciliti
