The International Monetary Fund (IMF) has approved a six-month extension of the temporary increase in access limits under its emergency financing instruments.
A statement from the multilateral institution explains that the extension till April 6, 2021, is taken in the context of the persistent impact of the pandemic.
Against the background of the urgent balance of payment needs of member-countries as a result of COVID-19, the fund approved a temporary increase in access limits for its rapid financing instrument and the rapid credit facility earlier in April 2020.
Nigeria as a member country secured 3.4 billion dollars from the IMF under the rapid financing instrument in June 2020.
According to the IMF, the temporary increase in access limits will be assessed as part of the wider review of the temporary changes in annual access limits introduced since the onset of the pandemic.
