Covid-19 Stimulus: Osinbajo Holds Virtual Meeting With IMF, World Bank

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Vice President Yemi Osinbajo on Tuesday in Abuja held an online meeting with representatives of the International Monetary Fund and the World Bank.

The meeting, anchored via videoconferencing from the Presidential Villa, deliberated on how the agencies could collaborate with Nigeria in the planned additional economic stimulus packages to address the fallout of COVID-19 pandemic.

President Muhammadu Buhari on March 30 set up the Economic Sustainability Committee headed by the vice president to develop a clear economic sustainability plan  until 2023.

Read also: Another WHO Official Tests Positive To Coronavirus In Bauchi

The committee was tasked with identifying fiscal and monetary measures to enhance oil and non-oil revenues in order to fund the plan; develop a stimulus package and come up with measures to create more jobs, while keeping existing ones.

Buhari had also approved an initial economic stimulus package of N500 billion.

The global economy is expected to go into recession in 2020, while the IMF has predicted that Nigeria will go into recession to a level of negative 3.4 per cent.

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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