Tag: IMF
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Annual Meetings: Watch out for chickenpox infection, IMF tells Nigeria’s Finance Minister, other participants
The International Monetary Fund has issued a chicken pox warning to all delegates who attended the recent IMF/World Bank Annual Meetings held in Washington DC, United States between 17 and 19 October. The alert followed the diagnosis of the ailment of a participant as chickenpox. The Secretary of IMF, Jianhai Lin, disclosed this in a…
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CBN tackles IMF on forex restriction policy over FDI inflow
Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, has opposed the observation put forth by the International Monetary Fund (IMF) that restrictions placed by the federal government on foreign exchange on some items was impeding the flow of Foreign Direct Investments (FDIs) into Nigeria. The CBN chief made his stance known on Sunday…
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Nigeria rejects IMF’s advice to reverse forex restriction policy on 43 items
Nigeria has rejected the advice to reverse its policy on restriction of foreign exchange on 43 items that can be produced locally. The country disagreed with the International Monetary Fund (IMF) that the policy was making foreign capital inflow into the country difficult. Central Bank of Nigeria (CBN) Governor Godwin Emefiele, who spoke at the…
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Border closure: IMF backs Nigeria, urges speedy resolution of issue
The International Monetary Fund (IMF) has backed Nigeria’s closure of its borders with some neighbouring countries over issues bordering on illegal trade. Mr Abebe Selassie, the Director of the African Department at the IMF, gave the position at a media briefing on the sidelines of the World Bank/IMF Annual Meetings in Washington. He was responding…
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IMF Cuts Global Growth Forecasts by 3%
The International Monetary Fund (IMF) has cut the growth forecast for 2019 to 3 percent according to the latest World Economic Outlook report and lowered the 2020 estimate to 3.4 percent. This is a result of the global economic growth which is in its slowest pace since the 2008 financial crisis and down from a…
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IMF cautions CBN over loan policy, multiple exchange rate
The International Monetary Fund (IMF) on Wednesday cautioned the Central Bank of Nigeria (CBN) over risks associated with the new loan policy requiring banks to lend at least 65 per cent of their deposits or be sanctioned. The Fund also raised concerns over the implementation of multiple exchange rates by the apex bank, urging the…
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IMF appoints new MD
Bulgarian economist Kristalina Georgieva has been selected as the new managing director of the International Monetary Fund (IMF). Ms Georgieva, who was previously chief executive of the World Bank, becomes the first person from an emerging economy to lead the IMF. Ms Georgieva has been appointed for a five-year term, starting on 1 October. She…
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IMF removes age limit for position of managing director
The International Monetary Fund (IMF) has approved the removal of the age limit for the position of IMF managing director, paving the way for Kristalina Georgieva to head the multilateral lender. Since 1951, the IMF’s bylaws had prohibited the appointment of a candidate aged 65 or over as managing director. It had also prohibited the…
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Lagarde: IMF begins selection process for next MD
The Executive Board of the International Monetary Fund (IMF) has adopted an open, merit-based, and transparent process for the selection of the next managing director, the organisation has said. In a statement it issued in Washington D.C. and made available in Abuja on Friday, the board said the process was similar to the one used…
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IMF boss, Lagarde resigns
The Managing Director, International Monetary Fund, Christine Lagarde, has tendered her resignation, which will take effect from September 12. The executive board of the fund has accepted the resignation and said that it would begin a selection process promptly. A statement from the executive board issued on Tuesday said, “Today the IMF executive board accepted…