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The Finance Minister Explain Why IMF Excluded Nigeria From Debt Relief For 25 Poor Nations.

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IMF Nigeria Zainab excluded debt

The Finance Minister Explain Why IMF Excluded Nigeria From Debt Relief For 25 Poor Nations.

 

*Nigeria is being excluded from debt relief because the country is not owing to the organization- Zainab Shamsuna Ahmed(Finance Minister).

*Nigeria has however applied for new IMF financing-Zainab Shamsuna Ahmed

*The application is still under consideration-Minister.

 

 

 

Zainab Shamsuna Ahmed, the finance minister, explained the reason IMF(International Monetary Fund) removed Nigeria from the recent announcement of debt relief for 25 poor nations.

The finance minister also said that Nigeria has no outstanding debt with the organization.

In addition to what she has said, Nigeria has applied for new IMF financing and this is currently under consideration.

 

“Since Nigeria is not indebted to the IMF, there is no outstanding debt obligation to be forgiven. Nigeria’s application for new IMF financing is under consideration and receiving attention. The new application is for financing under the Rapid Financing Initiative (RFI).

“Nigeria is entitled to access up to 100% of its quota under the Rapid Financing Initiative (RFI). Our current financial position at the IMF is public information on the International Monetary Fund website,” she disclosed this in a tweet.

Also Read:

The federal government on Tuesday, April 14, announced that it received a grant of €50 million from the European Union to fight COVID-19. Source Legit.ng.

The head of EU delegation in Nigeria, Ambassador Ketil Karsel, announced this at a meeting with President Buhari in Abuja.

Adesina stated: “EU gives Nigeria a grant of 50 million Euro to fight COVID-19. Head of EU delegation, Amb Ketil Karlsen, at the event commended President Buhari for “your powerful address to the nation last night,” and for “the bold and necessary measures you’ve taken.”

According to Legit.ng, they reported that the International Monetary Fund granted debt relief to twenty-five countries, mostly African nations excepting Nigeria.

According to a statement made by the managing director of the IMF, Kristalina Georgieva, said it will provide  $500m in grant debt service relief to these countries.

Announced on Monday, April 13, by the managing director of the IMF.

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Finance

Global Economy to grow by 6%, Nigeria at 2.5% – IMF

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Global Economy to grow by 6%, Nigeria at 2.5% – IMF

The International Monetary Fund retained its growth outlook for both Nigeria and the global economy for the year 2021, stating that the global economy is projected to grow 6.0 percent in 2021 and 4.9 percent in 2022, while Nigeria’s growth outlook has been maintained at 2.5% for the period.

The IMF disclosed this on Tuesday in its World Economic Outlook (WEO) for July titled “Fault Lines Widen in the Global Recovery.”

Prospects for emerging market and developing economies have been marked down for 2021, especially for Emerging Asia.
By contrast, the forecast for advanced economies is revised up,” it said.

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They also stated that “better global cooperation on vaccines could help prevent renewed waves of infection and the emergence of new variants, end the health crisis sooner than assumed, and allow for faster normalization of activity, particularly among emerging market and developing economies.

Moreover, a sooner-than-anticipated end to the health crisis could lead to a faster than-expected release of excess savings by households, higher confidence and more front-loaded investment spending by firms.”

For 2022, IMF says it forecasts Nigeria’s economy to grow by 2.6% and South Africa’s by 2.2%.

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Finance

IMF Retains Nigeria’s Growth Prospect at 2.5% Amid Slow Vaccinations

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IMF: Reinstatement of Fuel Subsidy Worries IMF

The International Monetary Fund (IMF)I in its July World Economic Outlook (WEO) Update released on Monday, has retained its projection for Nigeria’s economic growth prospect for this year at 2.5 per cent.

Nigeria’s projection is 0.9 percentage points lower than sub-Saharan Africa’s estimated growth of 3.4 percent. It is also far less than the six per cent global average growth estimate.

In the new document, the global institution marked down growth prospects of low-income developing countries (LIDCs) by 0.4 percentage points, citing slow rollout of vaccines as the main factor weighing on the recovery.

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“The overall fiscal deficit in 2021 was revised up by 0.3 percentage points from the April 2021 WEO, mainly because of the re-emergence of fuel subsidies as well as the additional COVID-19 and security-related support in Nigeria’’, it stated.

Still, at 5.2 per cent of gross domestic product (GDP), the overall fiscal deficit remains well below that of advanced and emerging market economies, reflecting financing constraints, adding that about 60 percent of LIDCs are assessed to be at high risk of or in debt distress,” the Fund said of Nigeria.

The IMF also estimated the country’s public debt-to-GDP ratio, which is currently at about 35 per cent, for 2021 at 48.5 per cent.

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Finance

CBN Stops Forex Sales to Bureau De Change

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CBN Stops Forex Sales to Bureau De Change

The Central Bank of Nigeria (CBN) says it has stopped forex sales to Bureau De Change (BDC) operators in the country.
Godwin Emefiele, governor of the apex bank, announced this at the end of the monetary policy committee’s meeting in Abuja on Tuesday.

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Emefiele said BDC operators have become a channel for illegal financial flows working with corrupt people to conduct illegal flows and money laundering in Nigeria.

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F.G., UNICEF to Launch Programme to Empower 20 Million Young Nigerians

NCDC Registers 15 Confirmed Cases of Monkey-Pox

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