IMF Urges Nigeria, Others to Fast-Track Financial Support as Global Economic Risks Rise

The International Monetary Fund (IMF) has advised Nigeria and other countries facing economic pressure to seek financial support promptly when needed, warning that delays could worsen economic instability and deepen financial shocks. The warning was issued by IMF Managing Director Kristalina Georgieva during a press briefing at the 2026 Spring Meetings of the World Bank and IMF in Washington, D.C.

Georgieva said the global economy is currently under strain, largely driven by ongoing geopolitical tensions in the Middle East. She noted that these disruptions are already affecting supply chains, increasing energy prices, and slowing down global economic growth. According to her, the situation requires swift and coordinated policy responses from affected countries.

She encouraged governments to introduce practical measures that reduce pressure on households and energy demand, pointing out that some countries had already implemented steps such as transport subsidies and remote working arrangements. She referenced similar strategies used during the COVID-19 pandemic as examples that could be adapted to the current crisis.

The IMF chief also revealed that many of the countries most affected by the Middle East crisis are in Sub-Saharan Africa, adding that the Fund is currently working to identify nations requiring urgent assistance. She stressed that strong fiscal discipline and economic planning during stable periods remain essential for building resilience against future shocks.

Georgieva warned that global economic growth could fall significantly if tensions persist, with projections dropping from 3.4 percent last year to as low as 2.1 percent in 2026, and potentially 2 percent in a worst-case scenario. She emphasized that energy-importing countries, many of which are low-income economies, would bear the brunt of the impact and urged policymakers not to delay when financial intervention becomes necessary.

source: punch