Skip to main content

JUST IN: International Monetary Fund Approves $3.4bn Emergency Support For Nigeria

The executive board of the International Monetary Fund has approved the $3.4bn requested by the Nigerian Government for emergency support.

Mitsuhiro Furusawa, Deputy Managing Director and Acting Chairperson of IMF executive board, in a statement on Tuesday, insisted that the Nigerian Government must be committed to medium-term macroeconomic stability to support economic recovery and ensure the country’s debt remains sustainable.

The $3.4bn loan from IMF is part of $6.9bn loan Nigeria is seeking from international lenders to enhance its efforts to tackle the impact of the COVID-19 pandemic on the government revenue and the economy in general.  International Monetary Fund The Wire

In addition to the IMF loan, Nigeria is seeking $2.5bn loans from the World Bank, and $1bn from the African Development Bank.

The statement reads, “The short-term focus on fiscal accommodation would allow for higher health spending and help alleviate the impact of the crisis on households and businesses.

“Steps taken toward a more unified and flexible exchange rate are also important and unification of the exchange rate should be expedited.

“Once the COVID-19 crisis passes, the focus should remain on medium-term macroeconomic stability, with revenue-based fiscal consolidation essential to keep Nigeria’s debt sustainable and create fiscal space for priority spending.

“Implementation of the reform priorities under the economic recovery and growth plan, particularly on power and governance, remains crucial to boost growth over the medium term."
 

Finance Money PUBLIC HEALTH News AddThis :  Original Author :  SaharaReporters, New York Disable advertisements : 

from All Content
via

Comments

Post a Comment

Popular posts from this blog

N2.5bn Fraud: You Have Case To Answer, Appeal Court Tells Suspended NBC Boss, Kawu

The Director General of the National Broadcasting Commission, NBC, Ishaq Kawu. The Court of Appeal, sitting in Abuja, has dismissed an appeal filed by the suspended Director-General of the National Broadcasting Commission, Dr Moddibbo Kawu, challenging the decision of the Federal High Court, to dismiss the no-case submission he filed at the lower court. The Independent Corrupt Practices and Other Related Offences Commission had charged Kawu, Lucky Omoluwa (late Chairman of Pinnacle Communications Ltd) and Dipo Onifade, Chief Operating Officer of the same company, before Justice Folashade Ogunbanjo-Giwa, on a 12-count charge of money laundering. Is'haq Modibbo Kaw THISDAYLIVE The suspended NBC boss and his co-accused then approached the appellate court to reverse the judgment of the Federal High Court. The appellate dismissed the no-case submission filed by Kawu and his co-accused and held that they had an explanation to give when he elected to facilitate the payment of ...
Post a Comment
Read more

Buhari’s Legacy Of Recessions By Fredrick Nwabufo

Fredrick Nwabufo ‘Why always Buhari?’ As it was in 1984 under General Buhari, so it is in 2016 and 2020 under President Buhari? Is it by the unfortunate hands of kismet that recession hits Nigeria every time Buhari takes charge of the country’s affairs? If the recession of the 80s under Buhari was a conspiracy by economic and political factors, to what do we attribute that of his first coming as a civilian President — and now in his second coming? Why does pestilence scourge the land, hunger ravage the population and lives lost malevolently when Buhari presides over the country? Why always Buhari? Buhari’s undoing is his wonted predilection for hierarchising ethnicity, religion and loyalty above competence. Since 1999, no President has obtrusively shown a more nepotistic aspect than Buhari. It is unarguable that the President arrays the most competence-challenged cabinet ever in the chronicle of governance in Nigeria. Yes, a recession cabinet. Fredrick Nwabufo Here is a cabin...
Post a Comment
Read more

TYPES OF DRAMA II

Comedy: We use the words 'comedy' and comic to describe something that is funny in our everyday lives. These include a joke or a fantastic story that is full of nonsense, or an absurd appearance that makes us giggle, smile or laugh. Comedy is not inherent in things or people but the way things/people are perceived. Comedy is a deliberate presentation of events/experiences drawn from real life but not the same with real life. We should therefore not expect dramatic comedy to be the same as real life. Generally, the plays have good endings or resolutions, so when a play ends happily, we refer to it as comedy. In most comedies, the principal characters begin in a state of opposition either to one another or to their world or both. By the end of the play their opposition .is replaced by harmony. Aristotle in-.his “Poetics” insisted that in tragedy men are shown “better than they are”, while in comedy “worse than they are”. For him it is an artistic imitation of men of inferi...
Post a Comment
Read more