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Tag: IMF

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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 […]

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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 […]

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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 […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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IMF warns FG to stop fuel, electricity subsidies

The International Monetary Fund has warned Nigeria’s government to take away the implicit fuel and electricity subsidies. This was disclosed by the Fund in the recently published Article IV Staff Consultation Report of the Board of Governors of the global organization, in Washington. In the report, the IMF told Nigeria that the subsidies would drain […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
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FG’s planned domestic dollar bond may pressure naira – IMF

The International Monetary Fund has raised concern about the Nigerian government’s policy of issuing domestic dollar-denominated bonds, according to the recently published IMF staff country report for Nigeria. The Fund is concerned that such a move could aggravate the pressure on the naira and increase the cost of naira securities, according to Nairametrics. The report […]

IMF lowers 2024 growth projections for Nigeria
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IMF urge Nigeria to regulate Crypto trading platforms

The International Monetary Fund has urged the Nigerian government to direct global crypto trading platforms to register or obtain licences before operating in the country. This was disclosed by the Fund in the Article IV Staff Consultation Report of the Board of Governors of the global organization, published in Washington on Thursday, according to Channels […]

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Nigeria’s inflation rate will drop to 23% next year -IMF

The Global Economic Outlook has projected a decline in Nigeria’s inflation to 23 per cent next year. This disclosure was made during the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, according to The Punch. The IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates. Head of the […]

Financial institutions lost $12bn to cyberattacks in 20 years–IMF
News

Financial institutions lost $12bn to cyberattacks in 20 years–IMF

The International Monetary Fund has disclosed that financial institutions worldwide suffered a cumulative loss of $12 billion due to cyberattacks over the past two decades. A recent release from the IMF’s April 2024 Global Financial Stability Report highlighted that $2.5 billion of this total loss occurred between 2020 and 2024. The IMF expressed apprehension over […]

Egypt signs $40bn deals with UAE, IMF to stabilize currency
Business

Egypt signs $40bn deals with UAE, IMF to stabilize currency

Within ten days of freeing its currency and witnessing a 38% decline, Egypt was able to negotiate over $40 billion in investment deals from the United Arab Emirates and the International Monetary Fund. The nation and the United Arab Emirates came to a $35 billion deal towards the development of the Ras El Hikma peninsula […]

Egypt to receive $8bn IMF bailout
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Egypt to receive $8bn IMF bailout

Egypt’s bailout package from the International Monetary Fund has been successfully expanded to $8 billion. This comes after the government took the audacious decision to let the Egyptian pound fall to an all-time low compared to the US dollar. According Voice of America, this crucial discovery represents a major advancement in Egypt’s efforts to manage […]

IMF backs CBN on interest rate hike
Business

IMF backs CBN on interest rate hike

By Melvin Onwubuke The International Monetary Fund has supported the decision of the Monetary Policy Committee of the Central Bank of Nigeria to increase the benchmark borrowing rates by 400 basis points to 22.75 per cent from 18.75 per cent. At its February meeting, the MPC said that inflation and exchange rate pressures have been […]

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