Tag: IMF

IMF backs CBN on interest rate hike
News

IMF grants Ghana $3bn loan

The International Monetary Fund approved a $3 billion loan for Ghana on Wednesday, with the first immediate disbursement amounting to around $600 million. According to Leadership, Ghana is a West African nation suffering from severe economic crisis. The Extended Fund Facility will fund the 36-month program, which was approved by the IMF board. In an IMF […]

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IMF director warns against retail e-currencies

The Managing Director of the International Monetary Fund, Kristalina Georgieva, has expressed her concerns about the potential risks associated with retail central bank digital currencies. In an interview at the Milken Institute’s 2023 Global Conference on May 1, Georgieva stated that retail CBDCs could have far more room for error than wholesale CBDCs. She explained […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
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Sub-saharan Africa risks losing $10bn in foreign investment — IMF

The International Monetary Fund has warned that if geopolitical tension persists, sub-Saharan African nations could lose $10 billion in foreign direct investments as well as market access. Nairametrics reported that according to IMF, in an essay that was released on May 1st, countries in sub-Saharan Africa would be hurt by rising import costs or would even lose access to important […]

Fuel, electricity tariff cap costly, IMF warns Nigeria
Economy

GDP growth in Sub-Saharan Africa to drop in 2023 – IMF

With a worldwide recovery, the International Monetary Fund has reported that growth in sub-Saharan Africa is anticipated to drop to 3.6 percent before bouncing back to 4.2 percent in 2024. They further stated that both domestic and international borrowing costs for SSA nations have increased due to the rapid tightening of global monetary policy. Director […]

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Business

Interest rate to drop once inflation is tamed- IMF  

The International Monetary Fund has stated that the rise in borrowing costs is expected to be temporary as long as high inflation is brought under control. IMF estimated that interest rates in major economies will likely decrease to the levels seen before the Covid-19 pandemic due to the presence of an ageing population and low […]

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Business

CBN faults IMF’s report on 24% Anchor Borrowers’ payment 

The Central Bank of Nigeria has revealed that a total of N503bn representing 52.39 percent of the disbursed funds under the Anchor Borrowers’ Programme  has been paid by farmers. This contradicts the claim by the International Monetary Fund that only 24 percent of the loan had been paid. The new development was disclosed in a […]

IMF calls for CBN's 2017 Act review
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IMF calls for CBN’s 2017 Act review

  The International Monetary Fund has requested that the Central Bank of Nigeria Act 2007 be reviewed in order to increase the bank’s autonomy and governance. IMF made the demand in the latest report titled ‘Nigeria: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Nigeria’. The need for a […]

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IMF urges FG to remove fuel subsidy June 2023

The International Monetary Fund has implored the Federal Government to fulfil its plans to remove fuel subsidy by June. The prominent financial agency of the United Nations, IMF stated this on Wednesday in a publication on their website titled ‘IMF Executive Board Concludes 2022 Article IV Consultation with Nigeria.’ The publication highlighted that Nigeria’s economy […]

Why Nigeria must save oil revenues - IMF
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Shipping cost surge caused global inflation – IMF

  The International Monetary Fund has linked the current global inflation with the upsurge of the shipping costs. IMF stated in a newly composed report with the title “the costs of misreading inflation,” that by October, 2021, the indices of the cost of transporting containers by maritime freight had climbed by almost 600%, while the […]

Ghana requests debt relief under G20 Common Framework - IMF
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Ghana requests debt relief under G20 Common Framework – IMF

Ghana has requested debt relief through the Common Framework program, which is backed by the Group of 20 major economies, according to International Monetary Fund Managing Director, Kristalina Georgieva. According to a source familiar with the matter, Ghana asked for a restructure of its bilateral debt on Tuesday under the Common Framework initiative backed by […]

Why oil theft estimates are unrealistic- Navy
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IMF predicts tougher global economy in 2023

  Managing Director of the International Monetary Fund, Kristalina Georgieva, has stated that 2023 will be tougher on the global economy than the previous year. According to Al Jazeera, she stated this on Sunday in an interview with American news channel CBS. Georgieva predicted that a third of the world’s economies will remain in recession […]

Why Nigeria must save oil revenues - IMF
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Food crisis: IMF board approves $71 million for Guinea

  The International Monetary Fund has stated that it has approved a disbursement of $71 million for Guinea. According to Reuters, the IMF stated that the funds was disbursed under its ‘food shock window’ to help the country address urgent balance of payment needs related to the global food crisis. Guinea is currently facing a […]