Nigeria entitled to $3.35bn in new IMF rights allocation.
Written by crest887fm on August 24, 2021
The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation begun allocating Special Drawing Rights of about $650bn on Monday.
This was contained in a press statement on the IMF website on Monday.
“The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis.”
She added that the allocation would provide extra liquidity to the global economy.
“Countries can use the space provided by the SDR allocation to support their economies and step up their fight against the crisis.”
She further said that the allocation would be made to countries based on their quota shares in the IMF
She also stated that IMF planned to engage member countries in establishing a new Resilience and Sustainability Trust.
She added, “Another possibility could be to channel SDRs to support lending by multilateral development banks.
“This SDR allocation is a critical component of the IMF’s broader effort to support countries through the pandemic, which includes: $117bn in new financing for 85 countries; debt service relief for 29 low-income countries; and policy advice and capacity development support to over 175 countries to help secure a strong and more sustainable recovery.”..