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Tag: IMF

News

IMF warns global economy faces slowdown amid rising trade tensions

The head of the International Monetary Fund, Kristalina Georgieva, has cautioned that the global economy is poised to slow down due to escalating trade tensions, particularly those stemming from United States-led protectionist measures. However, she emphasized that a global recession is not anticipated. Speaking on Thursday ahead of next week’s IMF Spring Meetings in Washington, […]

IMF lowers 2024 growth projections for Nigeria
News

US tariffs pose threat to global economy – IMF

Managing Director of the International Monetary Fund, Kristalina Georgieva, on Thursday cautioned that the new United States tariffs “clearly represent a significant risk to the global outlook” and called on Washington to cooperate with its trade partners. Georgieva in a statement responded for the first time to President Donald Trump’s latest global tariffs, which have […]

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Nigeria’s GDP per capita drops to $835 – IMF

The International Monetary Fund reports that Nigeria’s GDP per capita fell from $877.07 in 2024 to $835.49 in 2025, marking a 4.74% decline. This continues a downward trend since 2014, when it stood at $3,220, according to data from the IMF website on Thursday. However, the IMF projects a rebound in 2026 and 2027, with […]

News

African nations need higher tax revenues for growth – IMF

The IMF has highlighted that approximately 90% of African Union economies need to enhance tax revenue collection and implement structural reforms to sustain growth. The IMF disclosed this in its “G20 Report on Strong, Sustainable, Balanced, and Inclusive Growth,” released in November 2024. The IMF report projects that economic activity in the African Union will […]

News

Sub-Saharan Africa requires global funding – IMF

The International Monetary Fund has stated that countries in sub-Saharan Africa require international funding to address key macroeconomic imbalances in the region. This was revealed during the presentation of the IMF Fall 2024 Regional Economic Outlook: Sub-Saharan Africa at the Lagos Business School on Thursday. During her presentation of the report an economist from the […]

News

IMF approves $606m loan for Kenya

The International Monetary Fund said it had cleared $606 million in lending to Kenya as it struggles to pay off debts and boost taxes after mass protests led to financial reforms being scrapped. Kenya is considered an economic bright spot in the troubled East African region. But it is grappling with around $80 billion in […]

News

Debt servicing impedes Nigeria’s socioeconomic development – IMF

The International Monetary Fund has reported that Nigeria allocates a significant portion of its revenue to debt servicing, which limits available funds for essential development projects. During the Fiscal Monitor press briefing at the ongoing IMF/World Bank Annual Meetings in Washington, DC, the Division Chief of the IMF’s Fiscal Affairs Department, Davide Furceri, underscored the […]

News

IMF urges enhanced tax efficiency in Nigeria, others

The IMF on Wednesday urged Nigeria and other African nations to enhance their tax systems to be more efficient, equitable, and progressive. The Director of the Fiscal Affairs Department, Davide Furceri, made this disclosure during a media briefing at the IMF/World Bank Annual Meetings in Washington, highlighting the necessity for improved revenue mobilization strategies to […]

featured

Nigeria’s economy to hit $1.85tn in five years – IMF

The International Monetary Fund has projected that by 2029, Nigeria’s Purchasing-Power-Parity-based GDP share of the world economy will be 0.78 per cent. This is a minimal increase from 0.77 per cent in 2023, suggesting that the economy of the nation is growing steadily, according to The Punch. In addition, the Fund projected that Nigeria’s economy […]

News

Nigeria fulfills IMF obligations with no overdue payments — Report

The International Monetary Fund, an international organisation that provides financial assistance to countries facing economic difficulties, has released Nigeria’s financial position report as of April 30, 2024. This is based on the most recent information on the Fund’s website on Monday, according to The Punch. According to the report, Nigeria has been fulfilling its financial […]

News

Nigeria, others threaten businesses with important restrictions – IMF

Alex Omenya In its latest Regional Economic Outlook for Sub-Saharan Africa titled “A Tepid and Pricey Recovery,” the International Monetary Fund has highlighted the detrimental impact of import restrictions and foreign currency shortages on business operations in Nigeria and other African nations. The report underscores that these challenges could impede the profitability of companies across […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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IMF: FG may need supplementary budget for minimum wage

The International Monetary Fund has said that the Federal Government may need to raise a supplementary budget to take account of the proposed minimum wage increase for workers. The negotiated amount may exceed the original 2024 budget’s appropriations, as a result, according to The Punch. This is contained in the recommendations made by the Fund […]