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Fuel, electricity tariff cap costly, IMF warns Nigeria
Business

CBN’s funding of FG deficits will hike inflation – IMF

The Central Bank of Nigeria has been encouraged by the International Monetary Fund to take steps to suspend or limit its funding of the government’s fiscal deficits if it wants the booming inflation to subside. The National Bureau of Statistics reports that the country’s inflation increased from 22.22 percent in April 2023 to 22.41 percent in […]

Pakistan, IMF reach $3bn loan agreement
News

Pakistan, IMF reach $3bn loan agreement

Pakistan, which has been experiencing an economic crisis has partnered with the International Monetary Fund for over $3 billion (£2.4 billion). According to BBC, the agreement was finally reached after an eight-month wait though the board of the global lender is yet to accept it. Since gaining independence from Britain in 1947, Pakistan, a South Asian country has […]

Okonjo-Iweala, IMF MD demand improvement of international trade
Economy

Okonjo-Iweala, IMF MD demand improvement of international trade

Director General of the World Trade Organisation, Dr. Ngozi Okonjo-Iweala, and the Managing Director of the International Monetary Fund, Kristalina Georgieva, have emphasized the importance of increased global trade in a policy paper released in June 2023. Nairametrics reported that they proposed that while avoiding market fragmentation and adverse policy consequences on other nations, global collaboration, and shared […]

IMF backs CBN on interest rate hike
Economy

Why Tinubu, Shettima must focus on revenue, expenditure – IMF

The resident representative of the Nigerian office of the International Monetary Fund, Ari Aisen, has urged that revenue and expenditure should be the main areas of focus in order to address Nigeria’s debt problems. The Punch reported that the IMF said this while encouraging Sen. Bola Tinubu’s new administration to take steps to broaden the country’s source of […]

Nigerians' use of eNaira disappointingly low – IMF
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Nigerians’ use of eNaira disappointingly low – IMF

  The eNaira’s public adoption by the Nigerian populace has been deemed ‘disappointingly low’ by the International Monetary Fund. According to The PUNCH, this was presented in a recently published working paper by the organisation, entitled “Nigeria’s eNaira, One Year After”. In this report, the Bretton Woods institution provided an assessment of the performance of […]

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
News

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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