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Coronavirus

COVID-19: IMF pledges to assist Nigeria and 69 other countries

The IMF has disclosed funding support totalling $99 billion to Nigeria and 69 other countries to tackle COVID-19 pandemic.

Published

4 months ago

on

Kristalina Georgieva, IMF boss hints at 'synchronized slowdown' in global growth , IMF: 40% of African countries can't pay back their debts , Nigeria worse off, posts grows lower than LIDC benchmark - IMF, Measures introduced by Nigeria to ensure transparent use of the $3.4b IMF loan

There are strong indications that the International Monetary Fund (IMF) will release up to $99 billion to 70 emerging and developing economies to manage issues relating to the COVID-19 pandemic.

According to the report by The Nation, Nigeria and other 69 countries are to benefit from the intervention fund.

READ: IMF signals further economic contraction, warns of unprecedented crisis

READ: Debt burden of the least developed nations rises to $744 billion – World Bank

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.

READ: Adidas posts strong recovery in Q3 but fears further COVID-19 hit

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.

READ: Nigeria’s Micro Pension industry: A gold mine waiting to be tapped

What you should know

  • 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.

READ: IMF considers Nigeria’s loan request, FG gives reason for exclusion from debt relief program

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Johnson is a risk management professional and banker with unbridled passion for research and writing. He graduated top of the class with B.sc Statistics from the University of Nigeria and an MBA degree with specialization in Finance from Ambrose Alli University Ekpoma, with fellowships from the Association of Enterprise Risk management Professionals(FERP) and Institute of Credit and Collections management of Nigeria (FICCM). He is currently pursuing his PhD in Risk management in one of the top-rated universities in the UK.

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Coronavirus

COVID-19: Dr Cyprian Ngon is first Nigerian to receive vaccine

Dr Cyprian Ngon has made history by becoming the first Nigeria to receive the COVID-19 vaccine in Nigeria.

Published

3 hours ago

on

March 5, 2021

By

Dr Cyprian Ngon has made history by becoming the first Nigeria to receive the COVID-19 vaccine in Nigeria.

Dr Ngon led the first set of health workers including Nurse Faith E. Eragbai, Dr. Nuru Joseph and Dr. Thairu Yunusa to receive the vaccine at the flag-off ceremony for COVID-19 vaccination in Nigeria, which held on Friday, March 5, 2021 at the National Hospital Abuja.

Speaking in a television interview, Ngong expressed his excitement about getting vaccinated. He said, “You can see, I just took the vaccine now and I feel good. I dreamt of taking this vaccine and I have taken it today.”

Ngong who disclosed that his father died from the virus, also mentioned that he has lost a number of colleagues who were at the forefront of the fight, to the pandemic.

“We’ve been at the forefront of the COVID-19 fight here in the National Hospital at our isolation centre under the able leadership of the National Hospital.

“They’ve provided everything we need for this fight. We’ve lost some, won some and we are happy we are getting the vaccine now in Nigeria. I think that is about the best news we’ve had since.

“I only wished my dad had had that vaccine months ago. We lost him, but we thank God. The fight is still on and we’ll win,” he said.

Present at the ceremony were a host of dignitaries including; the Secretary to the Government of the Federation and Chairman, Presidential Task Force (PTF) on COVID-19, Mr Boss Mustapha, Director-General of the National Primary Health Care Development Agency (NPHCDA), Dr. Faisal Shuaib.

 

In case you missed it

  • The first batch of the COVAX Astrazeneca/Oxford vaccines arrived in Nigeria on Tuesday, March 2021 via the Nnamdi Azikiwe International Airport in Abuja.
  • Nairametrics reported that the Federal Government announced the President Muhammadu Buhari and Vice-President Yemi Osinbajo will receive shots of AstraZeneca/Oxford COVID-19 vaccines on Saturday to demonstrate vaccine safety to the public.
  • Last month during a PTF COVID-19 briefing Dr Faisal revealed plans by the National Primary Health Care Development Agency (NPHCDA) to vaccinate 109 million Nigerians in 2 years.

Continue Reading

Coronavirus

Covid-19: First dose of vaccines administered at National Hospital Abuja

National Flag-off Ceremony for COVID-19 Vaccination taking place at the National Hospital Abuja.

Published

3 hours ago

on

March 5, 2021

By

The National Primary Health Care Development Agency announced the flag-off ceremony for COVID-19 vaccination in Nigeria.

The vaccines were administered at the National Hospital Abuja, in an event chaired by the Secretary to the Government of the Federation and Chairman, Presidential Task Force (PTF) on COVID-19, Mr Boss Mustapha, and reported by the NPHCDA on social media.

According to reports, one Dr Cyprian Ngon is the first to receive the vaccine. He led the first set of health workers including Nurse Faith E. Eragbai, Dr. Nuru Joseph and Dr. Thairu Yunusa to receive the vaccine.

Speaking about the flag-off of the vaccination, the NPHCDA boss, Dr. Faisal Shuaib said: “It’s a momentous occasion today as we administer the first dose to one of our foremost frontline Medical Doctor in the fight against COVID-19.

“Today we are going to be administering the first dose of AstraZeneca vaccine to our frontline health workers. The vaccines we are administering today are safe and effective.”

“I salute the commitment of all health workers in saving and ensuring the protection of all Nigerians. This is a novel roll-out and the only authorised source is the Federal Government,” Boss Mustapha said.

What you should know 

  • The first batch of the COVAX Astrazeneca/Oxford vaccines arrived in Nigeria on Tuesday, March 2021 via the Nnamdi Azikiwe International Airport in Abuja.
  • Nairametrics reported that the Federal Government announced the President Muhammadu Buhari and Vice-President Yemi Osinbajo, will receive shots of AstraZeneca/Oxford COVID-19 vaccines on Saturday to demonstrate vaccine safety to the public.

Continue Reading



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