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IMF: Nigeria, others require $425bn to finance recovery

…projects 3.4% growth for sub-Saharan Africa in 2021 To mitigate the social and economic impact of COVID-19, Nigeria and other countries in sub-Saharan Africa will need additional external In its latest Regional Economic Outlook for Sub- Saharan Africa released yesterday, the IMF said that although the region’s economy was projected to grow by 3.4 per […]

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IMF: Higher interest rates’ll hurt economic recovery

The International Monetary Fund (IMF)’s steering committee, yesterday, said that the global economy was recovering faster than expected from COVID-19 crisis, but warned that a spike in interest rates could be especially painful for emerging economies. In its communique, the International Monetary and Financial Committee (IMFC) stressed the importance of accelerating distribution of COVID-19 vaccine […]

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IMF: Rich countries can use taxes to reduce inequalities

The International Monetary Fund (IMF) yesterday said advanced economies could use more progressive income taxes, inheritance and property taxes, and taxes on “excess” corporate profits to help reduce inequalities exposed by the COVID-19 pandemic. The IMF, which stated this in its latest Fiscal Monitor report, said the pandemic had exacerbated preexisting inequalities in access to […]

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IMF to raise previous forecast of 5.5% global growth

Managing Director of the International Monetary Fund (IMF), Ms Kristalina Georgieva, has said that the Fund would, next week, raise its January forecasts for global economic growth of 5.5% in 2021 and 4.2% in 2022, due to increased fiscal spending in the United States and prospects for a vaccine-powered recovery in other advanced economies. In […]

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IMF okays temporary extensions, modification of lending facilities

The Executive Board of the International Monetary Fund (IMF) has approved further extensions of temporary adjustments made to its lending frameworks in the early months of the pandemic. In a statement it issued in Washington, D.C. yesterday, the IMF said the adjustments would allow for adequate access to fund financing through emergency instruments, the General […]

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IMF approves temporary extension of lending facilities

The International Monetary Fund (IMF) yesterday announced that its Executive Board had approved further extensions of temporary adjustments made to the fund’s lending frameworks in the early months of COVID-19. According to a press release, the approval allows for adequate access to IMF financing through emergency instruments- the General Resources Account (GRA), and the Poverty […]

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Covid-19: IMF’s support to Nigeria, others hits $17.5bn

The International Monetary F u n d ( I M F ) , since the onset of the coronavirus (Covid- 19) pandemic, has extended financial assistance amounting to over $17.5billion to Nigeria and other countries in Sub-Saharan Africa (SSA), to enable them address the impact of the crisis. The Managing Director of the IMF, Ms. […]

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IMF: Covid-19-induced fiscal support hits $14trn

Global debt likely reached 98per cent of economic output at the end of 2020 as governments poured in nearly $14 trillion in fiscal support to battle the coronavirus pandemic, the International Monetary Fund(IMF) said yesterday, urging that fiscal support stay in place until recovery is firmly underway. The IMF, in an update of its Fiscal […]

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IMF wants central banks to safeguard financial stability

Although the roll out of Covid-19 vaccines worldwide may be triggering expectations of an imminent end to the pandemic, monetary authorities should not rest on their oars, but should focus on safeguarding financial stability, the International Monetary Fund (IMF) has said. The fund, which gave the advice in a newly published blog post obtained by […]

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IMF cuts Nigeria’s 2021 growth to 1.5%

Unless Nigeria carries out major policy adjustments, embracing broad market and exchange rate reforms, the country’s economy may post a sluggish growth of 1½% per cent in 2021, the International Monetary Fund (IMF) has said. In a statement issued yesterday, at the end of its 2020 Article IV mission to Nigeria, the IMF, said the […]

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