IMF: At Last, Nigeria Joins 50+ to Receive COVID-19 Payments

Nigeria will be among fifty other countries to receive the COVID-19 payments as the International Monetary Fund, IMF, finally expressed its readiness to grant more loans to developing nations.

IMF stated this in its recently published note on its website title ‘Stepping Up to Meet Low-Income Countries’ Pandemic Recovery Needs.’

According to the Bretton Woods Institution, financial assistance to 50 low-income countries reached $13 billion in 2020, up from an average of $2 billion per year before the pandemic, and $739 million in grant-based debt service relief was granted to 29 of the organization’s poorest and most vulnerable members.

The IMF is expecting this financing to hit $48 billion in the coming years.

IMF last year created the COVID-19 financial assistance and debt service relief programme to help developing countries access financial aid at zero interest rates.

The Nigerian Government has received $3.4 billion from the IMF under this scheme, the highest in Sub-Saharan Africa.

IMF: At Last, Nigeria Joins 50+ to Receive COVID-19 Payments 3

However, Transparency International, TI, in a report, has accused the Nigerian Government of making it difficult to track how they spend IMF funds.

TI revealed that all attempts to access sufficient information about beneficiaries that illicitly acquired the IMF loans proved difficult.

Yet, this lack of transparency in the disbursement of the loans doesn’t stop the funding giants from closing windows opened to the Nigerian Government from accessing more fundings.

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