IMF commends FG’s management of COVID-19 pandemic

The International Monetary Fund (IMF) has lauded the Federal Government’s proactive management of the COVID-19 pandemic and its economic impacts.

The commendation is contained in the organisation’s Executive Board’s conclusion of the 2021 Article IV Consultation with Nigeria, obtained from its website on Tuesday. According to the board, in spite of the management of the pandemic, the outlook remains subject to significant risks, including from the pandemic trajectory, oil price uncertainty and security challenges. It also recognised that the Nigerian economy was recovering from a historic downturn benefitting from government policy support, rising oil prices and international financial assistance.

“After registering a historic deficit in 2020, the current account improved in 2021 and gross foreign exchange reserves have improved, supported by the IMF’s Special Drawing Rights (SDR) allocation and Eurobond placements in September 2021. Notwithstanding the authorities’ proactive approach to contain COVID-19 infection rates and fatalities and the recent growth improvement, socio-economic conditions remain a challenge.”

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