IMF
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economy
Global growth remains unchanged at 3% in 2024- IMF
The International Monetary Fund (IMF) says global growth is projected to remain unchanged at 3.2 per cent in 2024 and 3.3 per cent in 2025. This is according to the IMF’s latest World Economic Outlook (WEO) Update Report for July 2024: “The Global Economy in a Sticky Spot” released on Tuesday. The report said though the projection was in line…
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economy
G-24 calls for international effort to restore peace, stability to crisis areas
The Intergovernmental Group of Twenty-Four (G‑24) has called for a strong commitment and united international effort to restore peace, stability, and rebuild livelihoods for those affected by different crises worldwide. This was contained in a communiqué issued by the International Monetary Fund (IMF) Press Center on Wednesday after the 111th meeting of the G-24 Ministers, Central Bank Governors, and their…
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foreign
Georgieva to serve second term as IMF Managing Director
The Executive Board of the International Monetary Fund (IMF) has selected Kristalina Georgieva to serve as IMF Managing Director for a second five-year term starting on Oct. 1, 2024. In a statement issued by the IMF Press Center on Saturday, it said that the board’s decision was taken by consensus. The statement said that in line with the selection process…
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foreign
IMF says inflation to further drop in 2024
The International Monetary Fund (IMF) says inflation is easing faster than expected but has not been fully defeated. Kristalina Georgieva, Managing Director of the IMF, was quoted in a statement by the Fund on Thursday as having said this at the China Development Forum (CDF) 2024 in Beijing. The event was hosted by the Atlantic Council Think Tank. She urged…
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economy
Stakeholders raise concern as Nigeria’s inflation rate rises to 31.70%
The challenge of spiraling inflation and how to stem the tide has been central to stakeholder engagements in recent times. According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa. The analysts said that a material jump in prices of food…
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economy
Experts oppose IMF call on electricity subsidy removal
Some financial experts have kicked against the International Monetary Fund’s (IMF’s) call for the federal government to ensure the total removal of electricity subsidies. They said this in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in Lagos. The former President of the Chartered Institute of Taxation of Nigeria, Dr. McAntony Dike, advised the Federal Government not…
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Metro
NLC suspends day 2 nationwide protest
The Nigeria Labour Congress (NLC) says it has suspended its second day of nationwide street protests over hunger and economic hardship in the country. Mr. Joe Ajaero, NLC President, said this in a communiqué jointly signed with Mr. Ismail Bello, Acting General Secretary of the Congress, at the end of its National Executive Council (NEC) meeting on Tuesday in Abuja.…
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economy
Group urges NASS to probe spending of $3.4 billion IMF loan
The Tax Justice and Governance Platform (TJGP) has appealed to the National Assembly (NASS) to investigate the movement and spending of a $3.4 billion loan obtained by the Federal Government through the International Monetary Fund (IMF). The group made the appeal on Friday during a joint news briefing, along with Christian Aid (CA) and the Civil Society Legislative Advocacy Center,…
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economy
IMF approves $1.4bn emergency support for Ukraine
The board of the International Monetary Fund (IMF) has approved the disbursement of 1.4 billion dollars in emergency financing for Ukraine amid Russia’s military invasion. “This disbursement will help meet urgent balance of payment needs arising from the impacts of the ongoing war. “It will provide critical support in the short term while playing a catalytic role for financing from…
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economy
Pakistan approves new measures to revive IMF stalled bailout
Pakistan’s parliament has approved new financial measures to raise additional taxes to meet a key condition by the International Monetary Fund (IMF) to revive a stalled six-billion-dollar bailout package. The approval by the country’s National Assembly late on Thursday came after the military-backed coalition government of Prime Minister Imran Khan won back the support of its allies following several weeks…
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Featured
IMF, Mozambique to discuss first credit facility since $2-bn graft scandal
The International Monetary Fund will start discussions next month on an extended credit facility with Mozambique, the fund said on Tuesday, its first potential programme with the country since suspending support in 2016. That year Mozambique unveiled hefty state-backed borrowing it had previously failed to disclose, in a 2-billion-dollar corruption scandal that prompted donors to cut off aid and sparked…
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Featured
IMF to grant Zambia financial relief in return for ‘bold’ reforms
The International Monetary Fund (IMF) has announced plans to give financial relief to Zambia in return for economic reforms. After talks with the Zambian government, IMF chief negotiator Allison Holland, said in a statement on Friday. Holland said that a three-year reform programme in the heavily indebted landlocked country could be supported with loans of up to 1.4 billion dollars.…
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economy
Divergent views trail IMF advice on subsidy removal
Experts have expressed divergent views over the International Monetary Fund (IMF) advice to the Federal Government to ensure total removal of electricity and petrol subsidies. They expressed the views in interviews with the News Agency of Nigeria (NAN) in Lagos on Thursday. A financial analyst, Mr. Johnson Chukwu, said the IMF advice on subsidy removal on electricity and petrol was…
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economy
Experts task FG on diversification to surpass IMF projections
Some financial analysts have urged the Federal Government to diversify the nation’s economy to surpass the International Monetary Fund (IMF) growth projections. They said this in separate interviews with the News Agency of Nigeria (NAN) in Lagos on Friday. The President, Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the country’s economy would grow above the IMF projections with…
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foreign
UNGA 76: DRC President wants the actualisation of ‘all promises made to Africa’ on global warning
The President of Democratic Republic of Congo (DRC), Félix-Antoine Tshisekedi Tshilombo has urged UN Member States to “materialize all the promises made to Africa in compensation for the sacrifices agreed to protect humanity against global warming.” Tshilombo made the appeal at the annual gathering of world leaders for the UN General Debate of the 76th session of the General Assembly…
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NEWS
Africa can tap into new sources of finance – IMF
The International Monetary Fund (IMF) says Africa could tap into new sources of finance with radical transparency. Managing Director, IMF, Ms Kristalina Georgieva made the remark during a High Level Knowledge Event of the virtual 2021 Annual Meetings of the African Development Bank (AfDB) on Wednesday. Georgieva said that the pandemic was an opportunity for transformative reforms to improve public…
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Finance
Argentina restructures debt offer
Argentina is set to unveil a new debt restructuring offer that will be kept open until the end of August, President Alberto Fernandez told local radio on Sunday, as the government seeks to strike a deal despite rising tensions with creditors. “The offer will be known today and will be open until the end of August,” the center-left Peronist leader…
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