Tag: IMF
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Nigeria’s ex-finance minister, Okonjo-Iweala bags IMF appointment
Nigeria’s former finance minister, Dr Ngozi Okonjo-Iweala was named by the IMF on Friday as a member of its External Advisory Group. She is the only one from Africa in the 12-member group that included Mr Kevin Rudd, former Prime Minister of Australia. IMF’s Managing Director, Kristalina Georgieva, named the team on Friday in a…
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COVID-19: World faces worst economic crisis since Great Depression – IMF
The coronavirus pandemic has inflicted an economic crisis unlike any other in the past century and will require a massive response to ensure recovery, IMF chief Kristalina Georgieva said Thursday. The warnings about the damage inflicted by the virus already were stark, but Georgieva said the world should brace for “the worst economic fallout since…
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IMF commences processing of Nigeria’s $3.4bn request
The International Monetary Fund (IMF) has commenced consideration of Nigeria’s request for the release of its contribution with the Fund to enable the country confront the fiscal risks facing arising from outbreak of the COVID-19 pandemic. IMF managing director, Ms Kristalina Georgieva, hinted in a statement yesterday that the Fund was working relentlessly to attend…
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Nigeria seeks fresh $3.5b loan from IMF, AfDB amidst COVID-19 pandemic
Nigeria’s finance minister Zainab Ahmed said the country has applied to the International Monetary Fund (IMF) and African Development Bank (AfDB) to access $3.5 billion in concessional funding to support the 2020 Budget. Ahmed disclosed this on Monday during a news conference in Abuja. She outlined the fiscal stimulus measures that the government is implementing…
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Nigeria’s Foreign Reserves likely to drop to $32bn before year end – IMF
The International Monetary Fund (IMF) has warned that if care is not taken, the foreign exchange reserves of Nigeria may decline to $32 billion in 2020. The international lender made this projection in a press statement released recently. It further said the crash in the price of crude oil at the international market since the…
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We have entered recession – IMF chief
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday. “It is clear that we have entered a recession” that will be worse than in 2009 following the global financial crisis, she said in an online press briefing. With…
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IMF backs FG’s Finance Act, urges CBN to end forex intervention
The International Monetary Fund (IMF) on Monday lauded the Federal Government on its economic reform policies, especially on the Finance Act and the Deep Offshore Basin Act. The commendation is contained in the IMF Article IV Consultation to Nigeria, released on Monday. According to the Fund, the Federal Government had recognized the vulnerabilities facing the…