{
  "title": "Nigeria: Request for Purchase under the Rapid Financing Instrument - Press Release; Staff Report; and Statement by the Executive Director for Nigeria",
  "publication": "IMF Staff Country Reports, April 29, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/29/nigeria-request-for-purchase-under-the-rapid-financing-instrument-press-release-staff-report-49384",
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  "summary": "This paper presents Nigeria’s Request for Purchase Under the Rapid Financing Instrument (RFI). The authorities’ immediate actions to respond to the crisis are welcome.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- The paper presents Nigeria’s Request for Purchase Under the Rapid Financing Instrument (RFI).\n- The authorities’ immediate actions to respond to the crisis are described as welcome.\n- Short-term fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses.\n- Steps toward a more unified and flexible exchange rate are important; unification of the exchange rate should be expedited.\n- Once the coronavirus disease 2019 crisis passes, focus should remain on medium-term macroeconomic stability.\n- Revenue-based fiscal consolidation is essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending.\n- Implementation of reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term.\n- Emergency financing under the RFI will provide much needed liquidity support to respond to urgent balance of payments needs.\n- Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap."
    },
    {
      "heading": "Short-term response and emergency financing",
      "content": "- Immediate actions taken by authorities are welcomed.\n- Short-term fiscal accommodation objectives:\n  - Allow higher health spending.\n  - Alleviate impact on households and businesses.\n- Emergency financing under the RFI:\n  - Provides liquidity support for urgent balance of payments needs.\n- Financing gap:\n  - Additional assistance from development partners will be required to close the large financing gap."
    },
    {
      "heading": "Exchange rate policy",
      "content": "- Steps toward a more unified and flexible exchange rate are noted as important.\n- Recommendation:\n  - Unification of the exchange rate should be expedited."
    },
    {
      "heading": "Medium-term macroeconomic policy and fiscal consolidation",
      "content": "- Priority after the crisis:\n  - Focus on medium-term macroeconomic stability.\n- Fiscal policy recommendation:\n  - Revenue-based fiscal consolidation is essential to:\n    - Keep Nigeria’s debt sustainable.\n    - Create fiscal space for priority spending."
    },
    {
      "heading": "Structural reforms and growth",
      "content": "- Implementation priorities under the Economic Recovery and Growth Plan:\n  - Power sector reforms.\n  - Governance improvements.\n- Rationale:\n  - These reforms remain crucial to boost growth over the medium term."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, COVID-19, Energy subsidies, Exchange rates, Expenditure, Foreign exchange, Health, Oil prices, Prices, Public debt\n- Keywords: central bank financing, COVID-19, CR, crisis pass, emergency financing request, Energy subsidies, Exchange rates, financing, financing need, Global, IMF financial support, IMF lending tracker, ISCR, Oil prices, shock pass\n\n---\n\n Content in this bundle\n\n- 1ngaea2020001 — Executive Summary\n  - 1ngaea2020001 — Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1ngaea2020001 — Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 29, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513542546.002",
    "The paper presents Nigeria’s Request for Purchase Under the Rapid Financing Instrument (RFI).",
    "The authorities’ immediate actions to respond to the crisis are described as welcome.",
    "Short-term fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses.",
    "Steps toward a more unified and flexible exchange rate are important; unification of the exchange rate should be expedited.",
    "Once the coronavirus disease 2019 crisis passes, focus should remain on medium-term macroeconomic stability.",
    "Revenue-based fiscal consolidation is essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending.",
    "Implementation of reform priorities under the Economic Recovery and Growth Plan, particularly on power and governance, remains crucial to boost growth over the medium term.",
    "Emergency financing under the RFI will provide much needed liquidity support to respond to urgent balance of payments needs.",
    "Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap.",
    "Immediate actions taken by authorities are welcomed.",
    "Short-term fiscal accommodation objectives:",
    "Emergency financing under the RFI:",
    "Financing gap:",
    "Steps toward a more unified and flexible exchange rate are noted as important.",
    "Recommendation:",
    "Priority after the crisis:",
    "Fiscal policy recommendation:",
    "Implementation priorities under the Economic Recovery and Growth Plan:",
    "Rationale:",
    "Subject: Banking, COVID-19, Energy subsidies, Exchange rates, Expenditure, Foreign exchange, Health, Oil prices, Prices, Public debt",
    "Keywords: central bank financing, COVID-19, CR, crisis pass, emergency financing request, Energy subsidies, Exchange rates, financing, financing need, Global, IMF financial support, IMF lending tracker, ISCR, Oil prices, shock pass",
    "**1ngaea2020001 — Executive Summary**"
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