The IMF"s executive board has agreed to raise the precautionary reserves, citing increased credit risk exposures.
The IMF report shows that the sum of $11.7 trillion was expended in different fiscal interventions for the COVID 19 pandemic and the associated lockdowns.
The Debt Service Suspension Initiative shall now end in June 2021 as against the earlier deadline of 31st December 2020.
IMF has stated that the exchange rate and monetary policy reforms will help to unlock Nigeria’s growth potential.
The IMF has urged Nigeria to increase monetary reforms to boost balance of payment pressures.
The IMF has disclosed funding support totalling $99 billion to Nigeria and 69 other countries to tackle COVID-19 pandemic.
IMF reiterated that the protest in the country is not just against police brutality, but also unemployment and poverty.
The world economy is now projected to fall by 4.4% in 2020.
The world economy has ended up performing better than the International Monetary Fund had envisaged in Q2 and Q3.
The IMF said that a green recovery focus would create income equality opportunities for the future.