News - International Monetary Fund

IMF Warns Developing Countries Against Climate Change

1 week 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

5 months 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

5 months 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

5 months 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

6 months 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

6 months 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

8 months 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

10 months 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

11 months 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

12 months 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

1 year 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

1 year 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...

 

IMF Sees Sub-Saharan Africa Growth Near Two-Decades Low In 2016

1 year ago /

Economic growth in sub-Saharan Africa is likely to slow this year to its weakest in nearly two decades, hurt by a slump in commodity prices, drought and the after-effects of the Ebola outbreak, the International Monetary Fund said on Tuesday. In its African Economic Outlook, the Fund forecast growth would slip...

Nigeria, USAID to partner with public, private sectors in agricultural economic development

1 year ago /
Business and Economy   Nation 

Nigeria’s Minister of Agriculture and Rural Development, Audu Ogbe, has called on all interested parties in agriculture in both the public and private sectors to pool their efforts towards a more improved livelihood. Ogbe who was represented by the Permanent Secretary, Shehu Ahmed, made this call while declaring open a two...

Christine Lagarde nominated for new term as IMF Chief

1 year ago /
Business and Economy   International News 

Christine Lagarde announced Friday that she will run for a second term at the head of the International Monetary Fund, after winning strong backing from across Europe. The Former French Minister confirmed the news herself when she spoke with French media saying, "Yes, I am running for a second mandate”. With her...

Buhari, Largarde Confirms No Need For IMF ‘Loan’ Says Nigeria Will Look Inward To Tackle Economic Challenges

1 year ago /
Business and Economy  

President Muhammadu Buhari Says His Administration Will Look Inwards, Enforce Regulations To Stop Financial Leakages And Adopt Global Best Practices In Generating More Revenue To Mitigate The Effect Of Dwindling Oil Price On The Nigerian Economy. Receiving The Managing Director Of the International Monetary Fund (IMF) Christine Lagarde At The Presidential...

 

CHRISTINE LAGARDE, THE MD OF THE INTERNATIONAL MONETARY FUND (IMF), ARRIVES NIGERIA AHEAD OF HIGH PROFILE ECONOMIC MEETINGS

1 year ago /
Business and Economy  

managing director of the international monetary fund (imf), christine lagarde, has arrived nigeria  ahead of high profile economic meetings with the nigerian government. The imf boss scheduled  to engage with policy makers and other stakeholders to underline the imf’s strong relationship with  nigeria and its african member countries. The visit to nigeria...

German Lawmakers Back Third Greek Bailout

2 years ago /
International News 

German lawmakers overwhelmingly voted in favor of a third Greek bailout on Wednesday, heeding a call from Finance Minister Wolfgang Schaeuble to give Greece the chance for a new start, despite his own concerns it might not work. There was a sizeable rebellion in Chancellor Angela Merkel's own party ranks, however,...

Ghana Needs Above 8% GDP Growth To Cope With Rising Population - Mahama

2 years ago /
International News 

Ghana needs annual gross domestic product (GDP) growth above 8 percent to create jobs for its expanding population, President John Mahama said in a radio interview on Wednesday. Africa faces a long term challenge of creating jobs for an expanding population and Ghana, with a population of about 25 million, saw...


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