Egypt’s $9.3 Billion IMF Loan Tops List of African Nations Struggling with Financial Stability” “Reliance on IMF Loans Raises Concerns Over Africa’s Economic Future” “Kenya, Angola, and Côte d’Ivoire Trail Egypt in Massive IMF Debt Obligations: A Growing Trend Across Africa” African nations grappling with economic instability have increasingly turned to the International Monetary Fund … Read more
Federal Government seeks World Bank loan approval for $2.25bn Funding Funds earmarked for two major development projects. Loans aimed at enhancing economic stability, resource mobilization, and fiscal reforms in Nigeria. EKO HOT BLOG reports that the Federal Government is gearing up to secure new loan funding from the World Bank, with approval anticipated for loans … Read more
Eko Hot Blog reports that The International Monetary Fund (IMF) has made some recommendations on policy actions African leaders must take to avoid a debt crisis, as they attain high-risk status. In a report on Tuesday, titled, ‘How to Avoid a Debt Crisis in Sub-Saharan Africa’, IMF said the average debt ratio in the region … Read more
The IMF supports Nigeria’s central bank’s policy to unify exchange rates, allowing market forces to determine the rate. The new policy ensures that certain requests will still be processed through the Investors and Exporters (I&E) window. All forms of exchange rate segmentation are abolished, and the “Willing Buyer, Willing Seller” model will be reintroduced at … Read more
The International Monetary Fund has released Nigeria’s economic growth projection for the year 2023, stating an improvement of 3.2% growth. This counters its initial projection of a decline from 3.4% in 2022 to 2.8% in 2023. The Washington based lender however warns of the current uncertainty in the financial sector that poses a risk to … Read more
President Muhammadu Buhari writes Reps, requests fresh $5.513bn loan. The Federal Government is to borrow a sum of $5.513 billion from external sources to finance the revised 2020 appropriation and support state government meet their challenges occasioned by COVID-19. In a letter to the House of Representatives, President Muhammadu Buhari sought the approval of the … 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
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
Servicing the nation’s external debt gulped $1.66bn in one year, from July 2018 to June 2019, an analysis of data obtained from the Debt Management Office has shown. According to report, within one-year period, the country’s external debt rose from $21.59bn to $27.16bn. This means that the external indebtedness of the country rose by $5.57bn … Read more