Worried by economic crisis across many countries of the world, the International Monetary and Financial Committee (IMFC) of the International Monetary Fund (IMF) yesterday advised Nigeria and other countries hard-hit by persistent decline in their terms of trade to proceed with policy adjustment in order to correct the imbalance.
The advice came just as the Finance Minister, Mrs. Kemi Adeosun, reassured Nigerians and the international community that Nigeria had a credible recovery plan to lift the economy out of recession.
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According to reports, the Executive Board of the International Monetary Fund (IMF), has approved a modification in the mechanism governing interest rate, setting of Poverty Reduction and Growth Trust (PRGT) facilities and set the interest rates to zero on all its concessional loans under the PRGT for Nigeria and other Low Income Countries (LICs) over the next two years ending December 2018.
This means that Nigeria can now borrow at zero interest rate to support its social safety net and poverty […]
It was gathered that the International Monetary Fund (IMF) has projected that Nigeria’s economy will be out of recession in 2017.
The economy will also grow by 0.6 percent next year, the IMF said.
According to the IMF World Economic Outlook (WEO) released yesterday in Washington, it is projected that the recession will outlast 2016 with a Gross Domestic Product (GDP) contraction of 1.7 percent.
“Sub-Saharan Africa’s largest economies continue to struggle with lower commodity revenues, weighing on growth in the region,” IMF […]
According to reports, the International Monetary Fund (IMF) has said corruption weakens countries’ efforts to deliver sustainable and inclusive growth that could improve the lives of the people.
The consequences of corruption formed the basis of the keynote address delivered yesterday by the Managing Director of the Fund, Christine Lagarde at this year’s International Bar Association (IBA) Conference in Washington DC, United States of America (USA).
Lagarde, a lawyer, said public sector corruption is hard to measure; yet its economic and social […]
The International Monetary Fund, IMF, has expressed delight with the “progress” made by President Muhammadu Buhari in fighting corruption and insurgency, but regretted that the foreign exchange, forex, policy of his administration was significantly distorting and slowing down economic activity.
It noted that while the forex restrictions have protected certain sectors of the economy, many other sectors are cutting production and sacking workers which have ultimately resulted in reduced investment and consumption.
The global institution also observed that the President’s delay in […]