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IMF releases $29bn to Nigeria, 69 others

Published

4 years ago

November 17, 2020

The International Monetary Fund (IMF) says it has advanced $29bn under the Rapid Credit Facility and Rapid Financing instrument to Nigeria and 69 other countries.

It stated this in an emailed report on Monday.

This was part of its updated economic funding support totalling $99bn to 70 emerging and developing economies to tackle COVID-19 pandemic.

Nigeria got $3.4bn of the $29bn to enable it to strengthen balance of payment and local currency.

The fund said other countries also benefited from the support fund through other channels, including augmentations under existing programmes, to the tune of over $70bn, thus bringing the total support fund to the $99bn.

Many African countries like Ghana, Gabon and South Africa, among others, have been knocking on the IMF’s door for financial assistance to fight the pandemic.

As the virus plunged Africa into its deepest recession in decades, IMF continued to support many of the member countries to pull out of the financial implications on their economies.

IMF Managing Director Kristalina Georgieva said the fund was meant to assist Nigeria’s fight against COVID-19 and resolve urgent balance of payment needs.

The fund said even compared to previous crises such as the Ebola epidemic, the needs triggered by this current pandemic are unprecedented.

“The fund’s rapid response helped many countries to contain and mitigate the impact of this external shock,’’ according to the report.

This financial assistance does not have traditional IMF conditionalities and phasing of disbursements over time. But countries still undertake policy commitments to address their difficulties, and governance commitments about how those resources are to be spent.

The Fund said the human toll and global economic disruption from the COVID-19 pandemic triggered unprecedented demand for financing.

The multilateral institution added that it had provided relief to more than one-third of its membership.

“Since the onset of the pandemic, the IMF has responded rapidly and decisively to meet urgent and exceptional demand for financial assistance from its membership,” it said in the statement.

Since March 2020, 70 members, including many low-income countries, have received financial support under the two instruments created to address urgent financing needs that may arise from natural disasters (including pandemics, earthquakes and hurricanes).

The IMF explained that in April, it approved a broad package of reforms, which built on previous changes to strengthen the reach and flexibility of financial assistance under these facilities.

The IMF disclosed that across Africa, countries are trying to build buffers to strengthen their economies, and for Nigeria, it is through the collection of taxes.

It said Nigeria should use the crisis to transform into a more resilient economy.

Related Topics:29 Billion Naira IMF Nigeria

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Tinubu jets out to France on three-day visit

Published

1 hour ago

November 27, 2024

Trends Admin

Tinubu jets out to France on three-day visit

President Bola Tinubu will travel to France today (Wednesday) for a three-day state visit at the instance of the French president.

A statement issued by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, confirmed this.

It said, “The Nigerian leader’s three-day visit, which will focus on strengthening political, economic, and cultural relations and establishing more opportunities for partnership, particularly in agriculture, security, education, health, youth engagement and employment, innovation, and energy transition, promises significant benefits for Nigeria.”

Onanuga said Tinubu and Macron would harmonise positions on stimulating more interest in exchange programmes that focus on skill development for youths and improving their competencies in automation, entrepreneurship, innovation, and leadership.

“Both leaders will participate in political and diplomatic meetings highlighting shared values on finance, solid minerals, trade and investments, and communication,” he added.

“They will also witness a session by the France-Nigeria Business Council, which oversees private sector participation in economic development.”

The presidential adviser stated that the Nigerian first lady and her French counterpart would discuss solutions for empowering women, children, and the most vulnerable through the Renewed Hope initiative.

News

Yahaya Bello reports to EFCC office with lawyers

Published

20 hours ago

November 26, 2024

Trends Admin

Yahaya Bello reports to EFCC office with lawyers

A former Governor of Kogi State, Yahaya Bello, on Tuesday visited the Economic and Financial Crimes Commission (EFCC) to honour another invitation extended to him over alleged misappropriation of funds.

Bello went to the anti-graft office with his lawyers in the morning.

The ex-Kogi governor reportedly drove himself to the EFCC’s office in a black Toyota Hilux van with some lawyers.

He was said to have been taken by some operatives of the agency and are currently being grilled.

This is coming after the Supreme Court judgment which dismissed a suit brought by some state governments challenging the constitutionality of the agency.

The EFCC at the last hearing on November 14, sought the adjournment till November 27 in the fresh case it instituted against Bello.

It stated that the 30-day window was still running for the summons earlier issued.

News

Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct

Published

20 hours ago

November 26, 2024

Trends Admin

Just in: Ebonyi governor suspends two commissioners, Perm Sec for misconduct

Ebonyi State Governor Francis Nwifuru has announced the immediate suspension of two commissioners with a permanent secretary among others for gross misconduct.

Those suspended are the Commissioner for Housing and Urban Development Francis Ori, and the Commissioner for Health, Moses Ekuma, with the Permanent Secretary of the Ministry of Health.

The suspension followed an incident on Saturday night, when the governor reportedly visited the Ministry of Health’s premises and was said to have found six officials diverting government materials.

Others suspended for three months are the Executive Secretaries of the State Primary Healthcare Development Agency and the Ebonyi State Health Insurance Agency

The suspension order was announced by the state Commissioner for Information, Jude Okpor, who cited alleged misconduct and dereliction of duties as the reasons for the disciplinary actions.

Okpor made the disclosure on Tuesday during a press briefing on the outcomes of the State Executive Council meeting held on Monday at the New Government House in Abakaliki, the state capital.

“Following cases of gross misconduct and dereliction of duties by some government officials and matters related thereto, the Chairman of Council directed the indefinite suspension of the Honourable Commissioner for Housing and Urban Development and three months suspension of the Honourable Commissioner for Health, respectively

“In view of the development, the Special Assistant to the Governor on Primary Health was directed to take charge of the ministry in the absence of the suspended commissioner.

Governor Nwifuru directed the suspended government officials to hand over all government properties in their possession including vehicles to the Secretary to the State Government.