By Collins Nweze

The International Monetary Fund (IMF) has provided $100 billion concessionary loans to Nigeria and 79 other global economies to reduce the impact of COVID-19 on their citizens and economies.

Nigeria, at the heat of the pandemic in April, received $3.4 billion emergency loan from the Fund to support the economy and stabilize financial system.

The five-year loan was the largest emergency loan yet by the Fund to an African country’s bid to contain the pandemic.

In a report at the end of the 2020 IMF/World Bank virtual Annual Meetings, which ended on Friday, in Washington DC, the Development Committee of Joint Ministerial Committee of the Board of Governors of World Bank and IMF said the COVID-19 pandemic continues to devastate countries, overwhelming health systems, disrupting productivity, threatening food security, multiplying job losses, and reducing incomes, particularly for the most vulnerable.

The group commended the IMF for its rapid and effective crisis response, which has provided some $100 billion in assistance to over 80 countries during the pandemic, primarily through emergency financing facilities.

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“We call on the IMF to continue to deploy all available tools and resources to help members achieve a durable exit from the crisis while building more resilient and inclusive economies.

“We commend and support the frontline workers who are fighting the pandemic and keeping economic activity and critical services open. The global crisis requires a comprehensive, robust global response from the development community.

“We will continue working with member countries, the public and private sectors, local and bilateral development partners, and international organizations, including the UN,” the group said.

The World Bank Group was advised to further the response while keeping a firm focus on the twin goals of ending extreme poverty and fostering shared prosperity in a sustainable manner while supporting progress toward the Sustainable Development Goals.

“We commend the WBG for the speed and scale of its COVID-19 response across countries. The WBG has been at the forefront of multilateral efforts centering on relief, restructuring, and a resilient recovery.

“We welcome the focus on health, social, and economic responses, as well as policies, institutions, and investments that will be critical to resilient, inclusive, and sustainable recovery,” the group said.