News - International Monetary Fund

Zimbabwe’s President Mnangagwa Sworn In

3 weeks ago /

Emmerson Mnangagwa took the oath as Zimbabwe’s president in front of a stadium crowd on sunday after a divisive election, as U.S. observers of that vote questioned the country’s democratic credentials.

Imran Khan Elected Pakistan PM

1 month ago /
International News 

Former cricket star Imran Khan has been elected the next Prime Minister of Pakistan in a vote at the National Assembly.

Nigeria Increases Taxes On Cigarette, Alcohol

3 months ago /
Nation 

The new excise duty for alcoholic beverages and cigarette earlier approved by President Muhammadu Buhari will take effect from today, finance minister, Kemi Adeosun said.

F.G. Committed To Fighting Terrorism, Says Adeosun

4 months ago /
Nation 

The Federal Government has said that it is committed to the global fight against terrorism and its financing.

Oil Propels Nigerian Shares To 9-Year Peak

8 months ago /
Business and Economy  

After shying away from Nigeria following the 2014 oil crash, investors started taking interest in the country again last year when the central bank introduced a special trading window for foreign portfolio investors. The banking and pension sectors were the top-performing indexes of 2017, according to the Nigerian Stock Exchange...

What President Buhari Said During Presentation of 2018 Budget Proposal (Full Speech)

10 months ago /
Nation 

Nigeria's President, Muhammadu Buhari, on Tuesday presented a proposal for a budget of N8.612 trillion for the year 2018. At the presentation of the budget before a joint session of the National Assembly, President Buhari addressed the lawmakers on the key achievements and plans of his administration as well as the...

IMF Asks Govt To Eliminate Tax Holidays

10 months ago /
Business and Economy  

The International Monetary Fund (IMF) has asked government to implement a reform to phase out tax holidays and increase taxes imposed on tobacco and alcohol. The IMF resident representative in Nigeria, Mr Amine Mati, said this at a forum in Lagos at the weekend. Mati is also seeking the reduction of interest...

IMF Warns Developing Countries Against Climate Change

11 months ago /
Nation 

The International Monetary Fund (IMF) has issued a new advise to policymakers in developing countries to redouble their efforts, through the formulation of policies that will mitigate the effects of climate change on their economies and the people. One of the authors of the new chapter in the latest World Economic...

Sub-Saharan Africa Economic Growth To Recover Slightly In 2017 – IMF

1 year ago /
International News 

Economic growth in sub-Saharan Africa should recover slightly to 2.6 percent this year after a more than two-decade low in 2016 as commodity exporters faced lower prices, the International Monetary Fund said on Tuesday. The IMF said in its regional economic outlook, that the slight rebound will be driven by a...

Nigeria Seeks $5.2 Billion From World Bank for Electricity

1 year ago /
Business and Economy  

Nigeria is seeking $5.2 billion from the World Bank to expand electricity generation and help the economy recover from its first contraction in 25 years.   The bank’s private-sector lending arm, the International Finance Corporation, may invest about $1.3 billion in power projects and electricity distribution companies. Its political-risk insurer, the Multilateral...

Greece Reaches Deal With Creditors To Pave Way For Bailout Talks

1 year ago /
International News 

Euclid Tsakalotos says ‘negotiations are concluded’ and agreement has been reached ahead of meeting with eurozone ministers at the end of May.

IMF endorses Nigeria’s Economic Recovery Plan

1 year ago /
Business and Economy  

The International Monetary Fund (IMF) wednesday endorsed the Economic Recovery Growth Plan (ERGP) 2017-2020, launched recently by the federal government applauding it as “how fiscal policy should be thought in developing countries.” The Fund’s Director, Fiscal Affairs Department, Mr. Vitor Gaspar, conveyed its position on the plan while responding to a...

IMF says Naira is overvalued, hints at fresh devaluation

1 year ago /
Business and Economy   Nation 

The International Monetary Fund, IMF, Wednesday, said the Nigerian currency, the Naira, is overvalued to the tune of 10 to 20 per cent. Gene Leon, IMF mission chief for Nigeria, made this known in a separate telephone media briefing Wednesday afternoon. Reuters news agency quoted Mr. Leon as saying that the naira overvaluation is “somewhere...

Nigeria Will Not Seek IMF Loan – Minister Of Finance

1 year ago /
Business and Economy   Nation 

Nigeria’s finance minister, Kemi  Adeosun  says the country will not apply for an IMF, International Monetary Fund loan as it is pursuing its own economic reform plan. “For us the IMF is really a lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments...

IMF Chief Convicted Over Payout

1 year ago /
International News 

A French court has found International Monetary Fund chief Christine Lagarde guilty of negligence but did not hand down any punishment. As French finance minister in 2008, she approved an award of €404m ($429m; £340m) to businessman Bernard Tapie for the disputed sale of a firm. Lagarde, who always denied wrongdoing, was...

Egypt To Trade Currency Freely On Open Market

1 year ago /
International News 

Egypt has announced it will allow its currency to be traded freely on the open market, as part of measures designed to bolster confidence in its economy.  The central bank has devalued the Egyptian pound by 48% as a guidance rate before it takes effect.  The move aims to end the black...

Nigeria’s Economic Council Holds Talks

1 year ago /
Nation 

Nigeria’s Vice President, Yemi Osinbajo, is currently presiding over a meeting with state governors at the Council Chambers of the Aso Rock Presidential Villa in Abuja. Other members of the National Economic Council are also present at the meeting. It is not clear what the agenda of the meeting is, but it...

IMF Predicts Nigeria Will Be Out of Recession By 2017

1 year ago /
Nation 

The International Monetary Fund (IMF) has predicted that the Nigerian economy will grow by 0.6% in 2017, effectively lifting the country out of an officially declared recession. In the IMF’s World Economic Outlook report released on Tuesday, Nigeria’s real Gross Domestic Product is expected to increase marginally by 0.6% with Consumer...

IMF Says Corruption In South Africa is Stunting Reforms

2 years ago /
International News 

Corruption in South Africa is hampering reforms needed to boost economic growth, and greater transparency is needed at state-owned companies, an International Monetary Fund official said on Tuesday. The IMF's First Deputy Managing Director David Lipton said that cutting taxes and increasing government spending would not solve South Africa's growth problems....

IMF Say's Nigeria's Economy Likely To Shrink This Year

2 years ago /
Business and Economy  

The International Monetary Fund (IMF) has painted a gloomy picture for Nigeria, saying the country’s economy will probably contract this year as energy shortages and the delayed budget weigh on output. “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year”, said...


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