The COVID-19 outbreak, the IMF said, has magnified existing vulnerabilities, leading to a historic contraction in real GDP growth and to large external and fiscal financing needs.
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While the IMF approved US$1 billion disbursement to Ghana to address the covis-19 pandemic to be drawn under its (IMF’s) Rapid Credit Facility, its Executive Board on the same day approved for Senegal a US$442 million disbursement under the Rapid Credit Facility and purchase under the Rapid Financing Instrument. The IMF did not make public any conditionalities to these packages.
“Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic.”
“Nigeria has a very high self-employment rate. In terms of occupational proportions from a household perspective, my research showed that 41.4% of household members reported being own account self-employment, 26.5% in paid employment, 2.8% reported that they were employers of labour, 15.7% indicted that they were unemployed, while 13.6% reported being non-active in the labour force.”