Already, the IMF had advanced the sum of $29 billion under the Rapid Credit Facility and Rapid Financing instrument, out of which Nigeria got the sum of $3.4 billion to enable it to strengthen both its balance of payment and local currency.
Other countries also received their own funds through different channels and arrangements to the tune of over $70bn, totaling $99bn from the Fund.
According to the report, there are no traditional IMF conditionality attached to the funding, as well as no phasing of disbursements over time. Therefore, it is incumbent on the beneficiary countries to determine their utilizations of the funds, as they undertake on how to tackle or address their peculiar circumstances resulting from the COVID-19 pandemic.
Since the onset of the pandemic, IMF has swiftly responded and provided relief or intervention funds to more than one-third of its membership.
With the imminent recession for most countries in Africa, the IMF has continued to support many of the member countries to pull them out of the financial quagmire – to reposition their economies
Many African countries like Ghana, Gabon, and South Africa, etc. are still seeking for the assistance of the IMF to fight the pandemic in their countries.
The International Monetary Fund (IMF) is an international organization, consisting of 190 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment, and sustainable economic growth, and reduce poverty around the world.