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IMF Officially Approves Increased Lending Capacity by $650bn

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IMF Officially Approves Increased Lending Capacity by $650bn

The board of governors of the International Monetary Fund (IMF) on Monday green lit increasing the institution’s lending capacity by $650 billion, the last step in approving an initiative to boost aid to the most vulnerable countries.

IMF head Kristalina Georgieva in a statement said, “this is a historic decision, the largest special drawing rights (SDR) allocation in the history of the IMF and a shot in the arm for the global economy at a time of unprecedented crisis”.

“It will particularly help our most vulnerable countries struggling to cope with the impact of the Covid-19 crisis,” she said.

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Newly issued SDRS will be allocated to member countries in proportion to their IMF quota. emerging and developing nations are to receive around $275 billion in total, the lender said.

The program, which had already been approved by the IMF’s executive board in Mid-July, will be implemented on August 23, 2021.

Created in 1969, SDRS are not a currency and have no material existence. once issued, SDRS s can be used either as a reserve currency that stabilizes the value of a country’s domestic currency, or converted into stronger currencies to finance investments.

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Customs Corner

Volleyball: Customs Strikes Again, Defeats Saint Denis Olympique at 37th Club Championship in Egypt

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Author: Cynthia Idowu.

The Nigeria Customs Service is not only known for its doggedness in fighting smuggling and generating revenue for the federal government, the service has demonstrated a high level of professionalism in sport at the ongoing 37th Women’s African Volleyball Club in Cairo, Egypt.

The Customs Volleyball Women’s Team defeated its opponent, Saint Denis Olympique, by 3 – 0 to imprint its first win at the ongoing championship on Saturday, 27th of April, 2024.

The team who came out strong displayed the anti-smuggling doggedness with a lead in the first set of the game with a 25 – 21 score, sending shivers down the opponent’s spine.

Coach Pricillia Agera led the team, who displayed good skill and dominance with a nail-biting scoreline of 29-27 to clinge victory and secure a place in the annals of volleyball history.

Coach Priscilla Agera hailed the players for their unwavering commitment and tenacity, recognising the challenges they had overcome to achieve victory on the court.

In her words, “Despite the obstacles we’ve faced, you’ve shown the world what it truly means to be a team. Your resilience, your determination, it’s what sets you apart.”

Agera also commended the unwavering support of the Comptroller General of Customs, Bashir Adeniyi, for his steadfast commitment to ensuring the team’s participation in the championship and his instrumentality to their success, providing them with the resources and support they needed to compete at the highest level.

She said, “I appreciate CGC for taking a bold step to allow the team to fly the flag of the nation in this championship.

“I also want to give kudos to the President of Nigeria Volleyball Federation, Engineer Musa Nimrod, for his approval in ensuring the team returns, not forgetting the President of Nigeria Olympic Committee, Engineer Habu Gumel, for his relentless support for volleyball”.

Nigeria Customs Service will face Mayo Kane Evolution on Sunday in their third match after losing to Kenya Pipeline in their first game on Friday.

Recall that the basketball team of the Nigeria Customs Service (NCS) secured a spot among the top three teams at the recently concluded tournament held at the Indoor Hall of the MKO Abiola International Stadium, Abuja.

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Customs Corner

Nigeria Customs Service Reaffirms Commitment to Gender Equality in Decision-Making

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Author: Bashir Muhammad.

The Nigeria Customs Service (NCS) has reiterated its dedication to promoting gender equality in decision-making processes as part of its efforts to combat gender discrimination and gender-based violence.

At a capacity-building workshop on gender inclusivity, co-organized by the World Customs Organization (WCO) and the NCS in Abuja on Monday, April 22, 2024, the Comptroller-General of Customs, Bashir Adewale Adeniyi, reaffirmed his commitment to fostering a gender-inclusive environment within the service.

Acting Deputy Comptroller-General of Customs, Caroline Niagwan, represented the CGC at the event, where she emphasised the need for clear policies and procedures to address gender discrimination, harassment, and biases within the NCS.

“Our aim is to create a workplace where everyone has equal opportunities to grow and contribute to the service’s success, regardless of gender,” the CGC said. “We are committed to addressing gender discrimination, harassment, and biases within our ranks, and we will work tirelessly to ensure that our policies and practices reflect this commitment.”

The workshop brought together customs officials, gender experts, and stakeholders to discuss strategies for promoting gender inclusivity and addressing gender-based violence in the workplace.

With this reaffirmed commitment, the NCS demonstrates its dedication to creating a more inclusive and equitable work environment where all employees can thrive and reach their full potential.

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Customs Corner

European Union Proposes ‘Getaway Corridor’ Project to Combat Illicit Trafficking

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Author: Cynthia Ikebudu.

In a bid to tackle the rampant issue of illicit trafficking and smuggling across borders, the European Union (EU) unveiled a groundbreaking initiative aimed at enhancing law enforcement and trade facilitation at the Nigeria Customs Service Headquarters in Abuja on 16 April 2024.

The project, titled “Getaway Corridor,” according to EU representatives Louis Jacques Blondiau and Thierry Thimon, is set to cover ten countries, including Nigeria, with the goal of curbing illicit activities on the borders and suppressing smuggling operations.

Louis Jacques Blondiau, the leader of the group, emphasised that the Getaway Corridor project entails the development of a road infrastructure network designed to serve as a gateway for combating anti-smuggling activities while promoting trade facilitation. According to him, “each participating country will designate a specific zone for the project’s execution, which will involve four key phases: identification, implementation, evaluation, and project ownership, ensuring alignment with local needs and priorities.”

During the meeting, the Comptroller-General of Customs (CGC), Bashir Adewale Adeniyi, commended the EU’s initiative, acknowledging its potential to significantly enhance the effectiveness of law enforcement efforts in Nigeria. He pledged the full support of the Nigeria Customs Service and other relevant agencies in ensuring the successful execution of the project.

“The proposed Getaway Corridor project marks a significant step towards strengthening international cooperation in combating illicit flows and promoting trade security within the region. With the commitment of both the EU and Nigerian authorities, it is poised to make a meaningful impact in curbing illegal activities and fostering sustainable development,” the CGC stated.

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