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Nigeria to receive $3.35 Billion in historic IMF SDR Allocation

2 years ago
Reading Time: 1 min read
IMF Chief announces historic SDR Allocation

IMF Chief announces historic SDR Allocation

The board of governors of the International Monetary Fund (IMF) has approved the allocation of $3.35 billion to Nigeria as part of a historic general allocation of Special Drawing Rights (SDRs).

“The largest allocation of Special Drawing Rights (SDRs) in history—about US$650 billion—comes into effect today. The allocation is a significant shot in the arm for the world and, if used wisely, a unique opportunity to combat this unprecedented crisis.” the statement read. The goal of the allocation is to boost global liquidity amidst the coronavirus-induced economic shock.

According to the IMF Managing Director, Kristalina Georgieva, the SDRs will be distributed to countries in proportion to their quota shares in the IMF. This means about $275 billion is going to emerging and developing countries, of which low-income countries will receive about US$21 billion – equivalent to as much as 6 percent of GDP in some cases.

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Although the technicalities of Nigeria’s allocation are yet to be discussed, much is expected for the West African nation’s push for economic recovery.

Tags: AfricaIMFKristalina GeorgievaNigeriaSDRSDR Allocation
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