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Tag: Funds

  • Reps to address challenges in accessing N500bn tertiary institutions’ funds

    Reps to address challenges in accessing N500bn tertiary institutions’ funds

    The House of Representatives Committee on Tertiary Education Trust Fund (TETFund) and Related Services has pledged to engage with tertiary institutions to address challenges in accessing crucial intervention funds.

    The Chairman of the committee, Miriam Onuoha, made the pledge on Thursday when she led the committee’s members on a courtesy visit to the Kaduna State Government House.

    Onuoha said that one of the key mandates of the committee was to ensure proper oversight of the tertiary intervention.

    She also said the committee would ensure proper account of all the monies that had been disbursed to bridge infrastructure gaps,  improve teaching and learning across all tertiary institutions.

    Onuoha raised concern on the issue of over N500 billion in unaccessed funds currently held by the Central Bank of Nigeria (CBN), earmarked for the nation’s tertiary institutions.

    According to her, the TETFund intervention goes to three major state- owned tertiary institutions in Kaduna State; Kaduna State University; Nuhu Bamali Polytechnic, Zaria; and College of Education, Gidan Waya.

    She said that the Kaduna State University has N547 million unaccessed fund, Nuhu Bamali Polytechnic has unaccessed intervention  fund standing at N724 million, while College of Education, Gidan Waya has N30 million unaccessed fund.

    Onuoha said that the three institutions in Kaduna State have a combined N1.3 billion in unaccessed funds.

    She said that stringent conditions have prevented many institutions from accessing these funds.

    According to her, the committee plans to conduct a nationwide tour to understand and address the specific barriers the educational institutions are facing.

    The chairman assured that the committee was committed to ensuring that these funds were disbursed and utilised effectively.

    Onuoha also commended Gov. Uba Sani’s administration for its dedication to education.

    She expressed the committee’s readiness to collaborate with local institutions to facilitate the timely release and efficient use of available funds.

    Kaduna State Deputy Governor, Dr Hadiza Balarabe, thanked the committee for its  efforts to resolve the challenges that impeded higher educational institutions from accessing federal intervention funds.

    Balarabe encouraged the Heads of the state’s tertiary institutions to openly share their challenges, particularly those related to fund accessibility, to foster a collaborative approach to finding sustainable solutions.

    She also underscored the importance of maintaining consistent standards across all departments and elevating the state’s educational institutions to new heights.

    The meeting was attended by leaders from various federal educational institutions in the state.

  • Court declines to stop Fubara from spending Rivers funds

    Court declines to stop Fubara from spending Rivers funds

    A Federal High Court (FHC), Abuja has refused to shut down all expenditures of Gov. Siminalay Fubara of Rivers pending the hearing and determination of the substantive suit field by the Martin Amaewhule-led Rivers Assembly.

    Justice Emeka Nwite, in a ruling on the motion ex-parte marked: FHC/ABJ/CS/984/24 and moved by Sebastien Hon, SAN, rather ordered the plaintiffs to put all the defendants in the suit on notice.

    Justice Nwite, however, granted another motion ex-parte by the plaintiffs to serve the 5th to 10th defendants with the originating process and other applications in the matter by substituted means.

    The judge said: “the leave is hereby granted to the plaintiffs/applicants to serve the 5th to 10th defendants/respondents with tne plaintiffs/applicants’ originating and any other process(es) filed or issued in this suit by substituted means to wit:

    “By publishing same in the Nation Newspapers.”

    Justice Nwite adjourned the matter until Aug. 7 for hearing of the motion on notice.

    NAN reports that the 5th to 10th defendants are  Fubara; Accountant-General (A-G) of Rivers; Rivers Independent Electoral Commission (RSIEC); Chief Judge (CJ) of Rivers, Hon. Justice S.C. Amadi; Chairman of RSIEC, Hon. Justice Adolphus Enebeli (rtd.) and Government of Rivers State respectively.

    The Rivers State House of Assembly and Right Honourable Martin Amaewhule (1st and 2nd plaintiffs) had, through their lead counsel, Joseph Daudu, SAN, filed the suit dated July 14 but filed July 15.

    They had sued the Central Bank of Nigeria (CBN), Zenith Bank Plc, Access Bank Plc and the Accountant-General of the Federation (AGF) as 1st to 4th defendants respectively.

    Also joined in the suit are Fubara, Rivers A-G, RSIEC, Rivers CJ, Chairman of RSIEC and Rivers government as 5th to 10 defendants.

    In the motion on notice brought pursuant to Order 28 Rules 1 and 2; Order 27 Rules 5; Order 28 Rule 1(2) of FHC Civil Procedure Rules 2009 and under the inherent jurisdiction of the court, the plaintiffs sought two orders.

    They sought an order of Interlocutory Injunction restraining the 1st, 2nd, 3rd and 4th defendants from honouring any request, command, order or mandate or any banking or other instrument, financial instruction or other instructions issued by the 5th defendant.

    on his instruction or at his instance or deriving from the 5th defendant’s authority or in any manner, fund or revenue of Rivers State or Rivers State Government in the custody of the said the defendants, or held by the said defendants for the benefit of Rivers State or Rivers State Government or in any
    NAN reports that the two rulings, which were delivered on July 17 in the judge’s chamber, were obtained on Sunday in Abuja by NAN.

    The Martin Amaewhule-led Rivers Assembly had, on July 15, suspended all expenditures of Rivers Governor Siminalayi Fubara until he re-presents his budget before the house.

    The lawmakers gave the governor a seven-day ultimatum to re-present his budget, which they said had expired.

    Rivers House Leader, Major Jack, moved the motion to bring up a resolution alerting the house of the governor’s seven-day deadline for presenting the 2024 budget to the house

    Following consideration, the assembly decided to shut down the Rivers State Consolidated Revenue Account, prohibiting any expenditure by Gov. Fubara’s administration.

  • Kogi govt clarifies alleged missing funds

    Kogi govt clarifies alleged missing funds

    The Kogi Government on Tuesday said none of its funds is missing as every of its kobo is working for the entire citizens of the state.

    The government therefore rejected the desperate attempt by “criminals masquerading as politicians” to tarnish the image of the immediate past governor, Alhaji Yahaya Bello, for selfish reasons through the Economic and Financial Crimes Commission (EFCC) over alleged missing funds.

    The government which made the remarks in a statement issued in Lokoja by its commissioner for information, Mr Kingsley Fanwo, said such desperation would only leave Nigerians wondering “who exactly is afraid of Yahaya Bello.

    “This is because the EFCC has, in an amended charge, accused the former governor of diverting Kogi government funds in September 2015, four months before he assumed the position of a governor.

    “This is not only laughable but portrayed the EFCC as an agency infested with persons whose intents disagree with the noble intention of Mr President to defeat corruption in Nigeria.

    “The fact that the EFCC, in charge No. FHC/ABJ/CR/550/2022: FRN V Ali Bello and Dauda Suleiman, currently pending before Honorable Justice J.K. Omotosho of the Federal High Court, Abuja Division, further amendment of the ‘Amended Charge’ to include in the count, the name of Yahaya Bello is absurd.

    “Again, describing him as being ‘at large’, is ridiculous, laughable and portrays the EFCC as an agency infested with persons whose intents disagree with the noble intention of Mr President to defeat corruption in Nigeria.

    “Being ‘at large’ of course means that a person is evading arrest or is on the run and cannot be found after an attempt to arrest.

    “For the sake of clarity, the original charge is against Ali Bello and Dauda Suleiman, Ali’s associate.

    “The offence which H.E Yahaya Bello is alleged to have committed upon which he has been named in the count is conspiracy to convert the total sum of N80.2 million, which offence is said to have occurred on or about September 2015 in Abuja,” it said.

    The government expressed surprise that the Count alleged that Bello’s co-conspirators are: Abdulsalami Hudu (Kogi Government House Cashier), described as being ‘at large’ too, Ali Bello and Dauda Suleiman.

    It said: “In the EFCC’s desperation to nail H.E Yahaya Bello, they forgot their thinking hammer at home.

    “The Count of the offence is most laughable as the election that produced H.E Yahaya Bello, CON, as Governor of Kogi was only conducted in November 2015.

    “Indeed, H.E. Captain Idris Wada of the PDP held sway as Governor of Kogi State at the material time until he handed over to H.E Yahaya Bello on Jan. 27, 2016.

    “Bello could, therefore, not have as of September 2015 conspired with anyone, including Abdulsalami Hudu, a Kogi government house cashier, to convert any money belonging to the Kogi government.

    “It is to be noted that H.E Yahaya Bello before becoming the Governor of Kogi, had no financial dealings with the Kogi government, which could have permitted him to convert monies belonging to the Kogi government, hence, one’s dismay at the allegation.”

    The commissioner therefore warned political actors to steer clear of Kogi affairs and desist from their campaign of calumny “as the state government has not said its money is missing, and has been adjudged, both locally and internationally, as top in the area of transparency and accountability”.

    The state government asked: “Why should Nigerians trust the leadership of the agency that made such a ridiculous, shameless and indefensible allegation?”

    “The chairman of the commission should tender unreserved apologies to the Nigerian people for making us a laughing stock in the comity of nations.

    “We are calling on the President to step in to save the integrity of the EFCC from those pushing the Commission into a fight that should be left to politicians.

    “This is because Kogi government under the leadership of Alhaji Usman Ododo will continue to support the Renewed Hope Agenda of Mr President.

    “We will also continue to promote probity, accountability and transparency, and open our books to agencies and institutions constitutionally empowered to look into them.

    “We will continue to win awards in transparency and accountability,” it added.

    According to the government, the journey did not begin today, because in 2021, the EFCC, in a desperate bid to embarrass the then government under the leadership of Bello, came out with a false claim that it had uncovered over N20 billion of the state’s bail out fund in a Fixed Deposit Account in Sterling Bank.

    “Emboldened by our innocence, we wrote a letter to Sterling Bank for clarifications.

    “The Bank came out clean that the Kogi government had no such account with it, rubbishing the blatant falsehood of the EFCC in a manner that was so embarrassing to the people and Government of the Federal Republic of Nigeria.

    “But rather than apologise to us, the Kogi government and the general public, the EFCC chose to harass the officials of Sterling Bank, coercing them to do everything possible to achieve the aim of roping the Kogi Government into their ignominy ring.

    “It ended with a conspiratorial exchange between the EFCC and the CBN. Today, Nigerians are not confused about the personae of Bawa and Emefiele.

    “The sack of Bawa and the startling revelations that followed threw Nigerians into jubilation. Their hope was that EFCC will birth a new era of separating political vendetta from the actual fight against corruption.

    “But recent happenings have shown that it isn’t war against corruption anymore but a clear manifestation of hired gun approach to hack down political opponents by certain elements within and outside the anti-graft agency.

    “This betrays the determination of President Bola Tinubu, to retool the agency and make it more vibrant in preventing and fighting corruption in a genuine and objective manner within the ambit of the rule of law.”

    It noted that the current leadership of the EFCC had, unfortunately, continued to tow the path of the leadership of Bawa, “who woke up one day in August 2021, decided in his mind that the Kogi Government had N20 billion in an account”.

    It said that Bawa secured ex-parte, an Order of the Federal High Court, Lagos, empowering him to direct the Manager of Sterling Bank Plc to freeze Account No. 0073572696 with the name Kogi State Salary Bail Out Account pending the conclusion of investigation or possible prosecution.

    “There is no mandate letter from the Kogi government to open account number 0073572696 with Sterling and that ‘Sterling Bank account 0073572696’ is an internal (mirror) account operated by the Bank for purposes of managing the Kogi state salary bailout facility.

    “While the EFCC’s suit was withdrawn and the Order of Court vacated upon a challenge by the Kogi government, the EFCC continued to issue press statements on all its social media platforms, attaching the pictures of Yahaya Bello to those statements and insisting that the factual basis of their claim was genuine.

    “To cover up the falsehood and their shame, the EFCC under Bawa compelled Sterling Bank Plc and the CBN under its embattled Governor Emefiele, to write letters confirming the return of funds belonging to the Kogi State Government to the CBN, when no such funds existed.

    “The EFCC has since refused to answer to the suit filed against it since 2021 by the Kogi State Government and its officials challenging the falsehood on the issue of bailout funds”.

    The government also frowned at EFCC’s use of similar modus operandi with respect to the former first lady of Kogi, Rashida Bello, whom it named in the counts of offence and described her as being at large in Charge No: FHC/ABJ/573/2022: FRN V. (1) Ali Bello (2) Abba Adaudu(3) Yakubu Siyaka Adabenege (4) Iyadi Sadat and was alleged to have conspired to criminally misappropriate over Three Billion Naira, funds allegedly belonging to some Local Government Areas of Kogi.

    “It is noteworthy that she was never invited by the EFCC or arrested before branding her as being ‘at large’.

    “The unprecedented extent to which the EFCC is ready to go to tarnish the image of the Kogi State Government and also the image of the immediate past governor, Yahaya Bello, has left much to be desired.

    “It is in our character to fight in defence of the integrity of the government and over five million citizens, whose common patrimony the government allocates on their behalf. We are prepared to use the instrumentality of law to defend the integrity of the State Government.

    “We urge the people of Kogi to remain calm and law abiding in the face of relentless provocation by EFCC who is insisting that the money we used to build infrastructure in the state is missing. We will never lose a just battle.”

  • Suspend release of N15bn counterpart fund to FG, Reps direct NDDC

    Suspend release of N15bn counterpart fund to FG, Reps direct NDDC

    The House of Representatives has directed the Niger Delta Development Commission (NDDC) to suspend the release of N15 billion counterpart funding requested by the Federal Government, pending the approval of the Commission’s budget by the House.

    This was sequel to a motion of urgent public importance by Hon. Uyime Idem (PDP, Akwa Ibom) on Thursday at plenary.

    Debating the motion, Idem noted that the Ministry of Niger Delta was inaugurated and commissioned by the Presidency to attend to intervention and humanitarian needs of the Niger Delta region of the country and promote the physical development of the region.

    The lawmaker noted that since its inauguration, the Ministry of Niger Delta has executed fundamental and important humanitarian intervention projects across the region.

    Hon. Idem said: “Informed that part of the fund available for use by NDDC is money recovered on its behalf by the Economic and Financial Crimes Commission (EFCC) and given to the Commission, to ease the implementation and its financial obligations.

    “The Federal government sent a special request mandating the Ministry of Niger Delta to jointly finance an intervention and humanitarian programme of sums running into several Billions of Naira using the money recovered by the EFCC without budgetary provision”.

    Idem further disclosed, “the NDDC Budget estimates for 2021, 2022 and 2023 is before the House for legislative approval”.

    Uyime expressed worry that such request for intervention and humanitarian proposals by the federal government without requisite financial appropriation and approval by the House was illegal and a breach of the Appropriation Act.

    Adopting the motion, the House
    mandated the committee on NDDC to investigate such request made by the federal government and report back to the house within two weeks for further legislative action.

  • 2023 Elections: You can’t solicit for funds from countries abroad – INEC to Political Parties

    2023 Elections: You can’t solicit for funds from countries abroad – INEC to Political Parties

    The Independent National Electoral Commission, INEC has warned all political parties in the country  against soliciting for  funds from foreign countries for next year’s general election.

    Festus Okoye, INEC National Commissioner mentioned this while featuring on a political programme on Channels TV.

    He added that no party is allowed to solicit or receive funds from countries abroad.

    He explained that such was contrary to Section 225 of the Nigerian constitution which according to him, states that “no registered political party in Nigeria shall possess any funds outside the country,”

    Okoye insisted that if such funds are remitted to the political party from outside Nigeria, “that particular political party has a constitutional and legal obligation to turn in such funds to INEC within a period of 21 days from the date of receipt of such funds.”

    Recall that the Labour Party presidential candidate, Mr Peter Obi was recently accused of soliciting financial assistance from some foreigners to fund his campaign.

    The party had, however, debunked the allegations, saying it never begged anyone for funds.

  • ICPC reveals how govt. agencies steal public funds

    ICPC reveals how govt. agencies steal public funds

    The Independent Corrupt Practices and Other Related Crimes Commission (ICPC) Thursday made damning revelations that some Ministries, Departments, and Agencies of government are habitually duplicating projects to siphon public funds.

    Chairman of the Commission, Prof. Bolaji Owasanoye, gave the revelation on Thursday before the Senate Committee on Finance sitting in Abuja.

    The anti-graft agency boss explained that the MDAs padded 2021 budget with N300 billion in duplicated projects, while the 2022 budget with N100 billion duplicated projects, adding that the Commission had tracked N49.9 billion ghost workers salary between Jan to June 2022.

    Detailing how some Chief Executives perfect their stealing strategy, the ICPC boss disclosed that projects worth N100 billion were inserted into the N17.12 trillion 2022 budget by some MDAs aside N49.9 billion tracked as salary for ghost workers between January and June this year.

    He said the commission was able to track the projected slush fund as a result of its thorough scrutiny of approved projects for the various MDAs.

    He said they were poised for proactive nipping of their plans rather than allowing funds to be stolen before going after them, stressing that funds already stolen were not easily recovered.

    He noted: “The same preemptive move saved the country from spending N49.9 billion for salaries of ghost workers put on fictitious pay rolls by the fraudulent MDAs between January and June this year.

    “Names of MDAs involved in project duplications running into intercepted billions of naira and fictitious pay rolls, are available and will be forwarded to the Committee.

    “The good thing about the preemptive moves made by us is that monies for the fraudulent acts were prevented from being released to the affected MDAs and it is gratifying that the Finance Ministry and Accountant General Office cooperated with us.”

    He advised relevant committees of the National Assembly to be on the lookout for such project duplication in the proposed N19.76 trillion 2023 budget to be presented by President Muhammadu Buhari anytime soon.

    Reacting, the Senate Committee Chairman on Finance, Senator Solomon Adeola Olamilekan lamented that leakages and waste has been the biggest challenge the nation has been facing.

    He vowed that the parliament would not give up to the antics of fraudsters, noting that they will stop at nothing to ensure that any Chief Executive found culpable was prosecuted.

  • Vatican discloses uses of Pope’s fund for first time

    Vatican discloses uses of Pope’s fund for first time

    The Vatican, on Thursday, issued the first detailed disclosure of the Pope’s main fund in an attempt to boost the confidence of the faithful in how their charitable contributions were used.

    The Peter’s Pence fund, whose aim was to help the Pope run the Church, was made up of income from a collection taken up in Roman Catholic dioceses around the world once a year, individual contributions and inheritances, and bequests.

    According to the “Annual Disclosure” for 2021, contributions amounted to 46.9 million euros.

    Compared to previously released figures, this was down more than 15 percent over 2020, which was down 18 percent over 2019. That followed a 23 percent reduction between 2015 and 2019, according to the disclosure.

    Disbursements from the fund totalled 65.3 million euros, leaving a deficit of 18.4 million euros which was covered by other Vatican income.

    The Vatican’s economy minister, Father Antonio Guerrero, had said the slump in 2020-2021 was due to the COVID-19 pandemic when many churches were closed.

    Many Catholics, however, said they had stopped contributing because of Vatican financial scandals such as one surrounding the purchase of a building in London, an investment at the centre of an ongoing corruption trial.

    Guerrero said the finances of the Vatican had to be a “glass house”, adding the faithful have a “right to know how we use resources”.

    Significantly, the disclosure for the first time, detailed how the money was spent.

    About 55.5 million euros were used to help defray the costs of running Vatican departments, its embassies around the world, its communications structure and to help local churches.

    About 10 million euros from Peter’s Pence went to 157 direct assistance projects, including those to help the poor, children, elderly and victims of natural disasters and war.

    According to the disclosure, most of the projects were in Africa and Asia.

    The disclosure gave details of some of the direct assistance projects, such as one constructing a building for young people in Haiti and another ending online sexual exploitation and trafficking of children in the Philippines.

    The changes in transparency regarding Peter’s Pence stemmed from a decree by Pope Francis in December 2020.

    The Vatican had been facing a series of issues some of which were clerical abuse and its handling, the new translation of the Roman Missal, the Bishop Bill Morris affair, the reining in of Caritas, the censure in the United States of the group representing religious sisters and of the work of two women theologians.

    Some pressing issues also included the silencing of prominent Irish priests and the cleaning out of the Irish College in Rome, the public disquiet expressed by clergy in Austria and Ireland, the sacking of the head of the Vatican Bank, the steady leaking of confidential Roman documents.

    On May 12, a former Harford County church priest was sentenced to 22 years in federal prison for coercing a boy, a parishioner to engage in sexual activities with him for nearly two years.

    Fernando Cristancho was ordained as a Roman Catholic priest in Colombia, South America, in 1985, before moving to Alexandria, where he worked as an assistant priest from 1994 to 1997.

  • Sports betting in Nigeria with ILOT NG

    With an estimated 60 million Nigerians actively involved in sports betting, and hundreds of betting sites operating in the country, sports betting is experiencing a massive surge in Nigeria, and many Nigerians are benefitting hugely from the industry. The country has over 200 million people, supplying the population to feed the betting companies. Nigerians are passionate about their sports, especially football, and this has extended into their love for sports betting. The fact that they can make money from the sport they love so much is extremely appealing. The rise in sports betting has also been aided by improving technology, with many Nigerians having access to mobile phones and affordable internet.

     

    Many betting companies operate out of Nigeria and many more will be established. One of such industry giants is ILOT NG.

     

    ILOT NG has been in business for quite some time now and millions of Nigerians can attest to the fact that they are major contenders in the online sports betting niche in Nigeria.

     

    ILOT NG is a sports betting and lottery bookmaking company that offers online services in Nigeria. Among the company’s services offerings are Sports betting, not restricted to football, hockey, tennis, basketball, and Lottery games including Football 14, Quick 3, 5/90 and so much more. The company also offers Virtual Games and these run for as short a time as 60 seconds and in such short duration, a player can make up to two million naira.

    With the growing popularity of sports betting in Nigeria and worldwide, it is important to know where you can go to bet on sports without getting into trouble. In Nigeria, many sites offer services like this. The government regulates some while some are not. The best way to find out which ones are legal and safe for you to use is by looking at their reputation. If they have a good reputation among other players, then chances are they will provide quality service too! These include: Safety & security measures; Legal license ; Regulation ; Bonuses ; Registration process ; Payment methods (e.g., credit card/bank transfer) etc.

     

    The answer is YES. ILOT NG is government regulated, hence, ILOT NG as a sports betting platform is very legal and safe for users.

    Register on ILOT NG, Deposit funds (minimum of 100 naira), Place bets on the platform and begin to enjoy their amazing big odds and many more juicy surprises.

  • 36 states sue FG Over refusal to remit funds from stamp duty charges

    36 states sue FG Over refusal to remit funds from stamp duty charges

    The 36 state governments have sued the Federal Government over its alleged failure to remit funds generated from stamp duties into the state accounts.

    The states, through their Attorneys-General, are contending that they, and not the Federal Government should collect the stamp duties.

    In a suit filed before the Supreme Court on Thursday, they asked the court to determine whether or not they are the sole authority to administer and collect stamp duties on all transactions involving individuals and persons within their respective states.

    They have also asked the court to ascertain whether or not they are entitled to 85% of all stamp duties collected on electronic money transfer levy, on electronic receipts or electronic transfers for money deposited in deposit money banks and financial institutions.

    The states also asked for “a declaration that the defendant is not entitled to collect, administer, or keep the proceeds of any stamp duties on transactions involving individuals within the respective states of the plaintiffs or any manner interfere with the Plaintiff’s right and authority in the administering the provision of Section 4(2) of the Stamp Duties Act Cap. S8 Laws of the Federation of Nigeria.

    “A declaration that the plaintiffs are entitled to all the sums of money collected by the defendant as stamp duties through whatever source or means in their respective states from 2015-2020 and thereafter till the time of the judgment of this honourable court with respect to individual persons’ transactions,” the Statement of Claims, read in part.

    This comes amid the conflict between some states and the Federal Inland Revenue Service (FIRS) over the collection of Value-Added Tax (VAT).

    The Supreme Court is, however, yet to fix a date for the matter to be heard.

  • IMF approves historic $650bn to tackle covid-19 economic impact on Nigeria, other nations

    IMF approves historic $650bn to tackle covid-19 economic impact on Nigeria, other nations

    The Board of Governors of the International Monetary Fund on Monday approved a general allocation of Special Drawing Rights equivalent to $650bn to boost global liquidity in nations like Nigeria and others.

    The amount is the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis

    IMF Managing Director Kristalina Georgieva who confirmed this in a statement said the SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy

    “This is a historic decision – the largest SDR allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis.

    “The SDR allocation will benefit all members, address the long-term global need for reserves, build confidence, and foster the resilience and stability of the global economy.

    “It will particularly help our most vulnerable countries struggling to cope with the impact of the COVID-19 crisis,” Georgieva said.

    The statement said the general allocation of SDRs will become effective on August 23, 2021.

    It said the newly created SDRs will be credited to IMF member countries in proportion to their existing quotas in the Fund.

    About $275bn of the new allocation will go to emerging markets and developing countries, including low-income countries.

    “We will also continue to engage actively with our membership to identify viable options for voluntary channeling of SDRs from wealthier to poorer and more vulnerable member countries to support their pandemic recovery and achieve resilient and sustainable growth”, Georgieva said.

    She said one key option is for members that have strong external positions to voluntarily channel part of their SDRs to scale up lending for low-income countries through the IMF’s Poverty Reduction and Growth Trust (PRGT).

    She added that concessional support through the PRGT is currently interest free.

    She noted that the IMF is also exploring other options to help poorer and more vulnerable countries in their recovery efforts.

    It said a new Resilience and Sustainability Trust could be considered to facilitate more resilient and sustainable growth in the medium term.