The Central African Republic has become the second country in the world to adopt bitcoin as official currency after El Salvador, which did so last year The CAR is one of the planet’s poorest and most troubled nations, locked in a nine-year-old civil conflict and with an economy heavily dependent on mineral extraction EDITOR’S PICK … Read more
The CAR “is the first country in Africa to adopt bitcoin as legal tender” The landlocked state is one of the planet’s poorest and most troubled nations, with an economy that is heavily dependent on mining EDITOR’S PICK 2023: ‘You’ve No Single Respect’ – Orji Kalu Slams Osinbajo, Tinubu, Wike, Others 2023: Tinubu, Osinbajo Support … Read more
Western countries including the United States have stepped up aid to Ukraine in recent days as fighting rages in the country’s east and south The IMF has warned of economic devastation both in Ukraine and abroad from the war EDITOR’S PICK JUST IN: PDP Chairman, Women Leader Killed As Gunmen Attack Convoy Of Top Lawmaker … Read more
Activists have called on the global community to starve the military of aid EKO HOT BLOG reports that Sudanese protesters are urging world powers not to resume development aid to their government for fear of legitimising the October 25 coup and spoiling their country’s transition to democracy. Talk of restoring aid picked up after Prime … Read more
The Taliban’s government is pressing for the release of billions of dollars of central bank reserves… EKO HOT BLOG reports that the Taliban has announced a complete ban on the use of foreign currency in Afghanistan. The move is expected to cause further disruption to an economy pushed to the brink of collapse by the … Read more
The United States also suspended aid to the country EKO HOT BLOG reports that the World Bank, on Wednesday, said it has suspended aid to Sudan following the military takeover that deposed the prime minister. “I am greatly concerned by recent events in Sudan, and I fear the dramatic impact this can have on the … Read more
Although the allocation is not a currency, the SDR is an international reserve asset created by the IMF to supplement the official reserve of its member countries. The International Monetary Fund (IMF) has allocated about $3.35 billion to Nigeria as part of a historic general allocation of its Special Drawing Rights (SDRs). This was due … Read more
Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) says the world is witnessing a revolution in digital money that can make remittances easier, faster and cheaper. She said this on Wednesday in Washington, D.C. during her opening remarks at the iLab Spring Meetings Virtual Workshop. According to her, after a long period of development, the … Read more
IMF: 83 countries benefit from $165bn loans The International Monetary Fund (IMF), says it loaned 83 countries the sum of $165 billion dollars, including $16.1 billion dollars in concessional financing to 49 low-income countries in FY2020. The Fund said this in its 2020 IMF Annual Report titled “A Year Like No Other”, released in Washington … Read more
The Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) scheduled to take place in Marrakesh, Morocco, in October 2021 has been postponed by 12 months until 2022 due to the coronavirus pandemic. The IMF, in a statement on Thursday disclosed that the decision to postpone the Annual Meetings, was reached … Read more
The former aide to ex-President Goodluck Jonathan, Reno Omokri has appealed to the International Monetary Fund and World Bank to stop lending money to President Muhammadu Buhari. He took to his twitter to revealed this, emphasizing that the money given to the Nigerian Government is being used to fill their own private capacities. His … Read more
The world’s poorest countries could save over $12 billion owed to sovereign and other creditors this year through their participation in a debt-relief program, with Angola alone saving some $3.4 billion, according to estimates published Friday in a new database from the World Bank. Reuters reported that savings under the COVID-19-linked Debt Service Suspension Initiative … Read more
The executive board of the International Monetary Fund (IMF) on Tuesday approved the $3.4 billion requested by the Nigerian government for emergency support. The approval was announced by the international lender in a statement issued after its board met to deliberate on Nigeria’s request for emergency support under the rapid financing instrument. According to … Read more
Head of the International Monetary Fund, Kristalina Georgieva on Monday said nearly 80 countries around the world have requested the IMF’s help amid the coronavirus crisis. On this note she said that people should brace up for a recession which could be far worse than what global markets suffered in 2009, due to the coronavirus … Read more
President Nicolas Maduro asked the International Monetary Fund on Tuesday for a $5 billion loan to help crisis-worn Venezuela cope with the onslaught of the coronavirus. In a letter to IMF chief Kristalina Georgieva, Maduro said a $5 billion loan from the IMF’s Rapid Financing Instrument “will contribute significantly to strengthening our detection and response systems.” The RFI … Read more
International Monetary Fund (IMF) has cut down its 2020 Gross Domestic Product (GDP) forecast for Nigeria to two percent, from the 2.5 per cent it had predicted earlier. According to the IMF, the cut reflects the impact of lower international oil prices while inflation in the country is expected to pick up. Data released by … Read more
Hundreds of mismanaged infrastructure projects have stalled in Kenya and it will cost around $10 billion to revive them, the IMF said in a report whose findings point to a growing power struggle at the heart of government. Amid mounting public anger over ballooning state debt and a series of graft scandals, President Uhuru Kenyatta … Read more
……….Describes Africa As A Continent With Troubles The Managing Director of the International Monetary Fund, Kristalina Georgieva, says 40 per cent of African countries are in debt distress. She described Africa as a continent of opportunities and one with many troubles, noting that the focus was to help countries have sound macro-economic policies, improve the … Read more
The International Monetary Fund IMF has said that Nigeria’s decision to close her boarders to prevent illegal trade was a right move. The Director of the African Department at the IMF, Abebe Selassie, revealed this while addressing newsmen on the sidelines of the World Bank/IMF Annual Meetings in Washington D.C. He was responding to a … Read more
-IMF Executive Board announces nomination for the position of Managing director which closes September 6 and selection process will be concluded October 4. The Executive Board of the International Monetary Fund (IMF) has said that no more age limit for the position of Managing Director. The IMF also announced that nominations for the position … Read more