By Emma Ujah, Abuja Bureau Chief The International Monetary Fund (IMF) has raised Nigeria’s Gross Domestic Product (GDP) 2021 growth rate from 1.5 per cent to 2. 5 per cent. This was contained in its World Economic Outlook (WEO) released by the organization, yesterday, in which it , however, slightly reduced next year’s growth forecast […]

The International Monetary Fund said on Tuesday the world economy could recover faster than expected in 2021, revising its January projection up by 0.5 per cent points to 6 per cent. The United States and China, the world’s two biggest economies, are likely to grow by 6.4 per cent and 8.4 per cent, respectively, in […]

The IMF has approved $174 million (148 million euros) in emergency assistance to South Sudan, the country’s central bank governor said Thursday, as floods and depressed oil prices rattle its economy. South Sudan ran out of foreign exchange reserves last year as oil prices fell sharply due to the coronavirus pandemic, depriving the fragile government […]

The IMF on Friday approved a $2.34 billion aid package to Kenya to “address the urgent need to reduce debt vulnerabilities,” the institution said in a statement. The Washington-based development lender said the funds would be spread over 38 months, with an immediate disbursement of about $307.5 million, “usable for budget support.” “Kenya was hit […]

The International Monetary Fund (IMF) has said that it may revise its 2021 outlook for Nigeria’s economy upwards from 1.5 percent in the next round of its projection this April given recent positive developments in the economy.

Analysts dispute IMF’s 1.5% forecast for 2021 Project  2.7% economic growth for 2021 By Babajide Komolafe Following the faster than expected economic growth in Q4’2020 and lower contraction for the full year 2020, leading investment analysts have disputed the 1.5 per cent growth forecast for Nigeria’s economy in 2021   by the International Monetary Fund […]

Cautions against hike in tax rate By Emma Ujah, Abuja Bureau Chief MONEY MARKET The International Monetary Fund (IMF) has expressed support for the directive    of the Central Bank of Nigeria (CBN) that banks should close all accounts related to cryptocurrency transactions.   However, the IMF cautioned the Federal Government (FG) against increasing the […]

The International Monetary Fund (IMF), says it will begin its search for a replacement for Mr Andrew Tweedie, the Director of the Finance Department, who would be retiring from the post on July 31. A statement issued in Washington D. C. on Tuesday, by the fund said that Tweedie had notified IMF Managing Director, Kristalina […]

…Calls for urgent policy adjustment By Emma Ujah & Babajide Komolafe The International Monetary Fund, IMF, has called on the federal government to reform the nation’s economy and cut dependence on oil. The IMF, in a statement on the outcome of its 2020 Article IV Staff Consultation to Nigeria, stated: “Nigeria’s economy has been hit […]

…Urges forex reforms to ease BoP pressure Emma Ujah, Abuja Bureau Chief The International Monetary Fund (IMF) says that Nigeria’s outlook remains challenging and charged the federal government to urgently undertake policy adjustments. In its final 2020 Article IV report of the board released today, the organization said there was need for a broad market […]

The International Monetary Fund (IMF) has confirmed its talks with Kenya to renew a 165 billion shilling (about $1.5 billion) standby loan facility. Gerry Rice, IMF Director of Communications Department, said the lender’s mission, which was in Kenya in late 2020, reached an agreement in many areas on implementation of the fiscal plan. “We are […]

The International Monetary Fund (IMF) on Friday lowered its 2021 growth forecast for China to 7.9 per cent, following a year of “significant human and economic costs” inflicted by the Covid-19 crisis. The figure is slightly below the 8.2 per cent the IMF earlier predicted, although China has been pegged as the only major economy […]

Calls for forex policy review Emma Ujah – Abuja The International Monetary Fund (IMF) staff mission of the 2020 Article IV Consultation with Nigeria, has given the Central Bank of Nigeria a thumps up for its decision to finance several sectors of the economy, in its efforts to return the nation to growth. This was […]

Compared to six months ago, the economic outlook has worsened significantly in some emerging markets and low-income economies where the coronavirus infections are rising rapidly, the International Monetary Fund (IMF) warned on Wednesday. “Consequently, these economies, excluding China, are projected to incur a greater loss of output over 2020-21 relative to the pre-pandemic projected path […]

The Executive Board of the International Monetary Fund (IMF) on Wednesday completed the first review of the Extended Credit Facility (ECF) arrangement for Somalia, enabling the immediate disbursement of US$10 million to support its National Development Plan. The credit brings Somalia’s total disbursements under the arrangement to US$365.5 million, according to a press statement issued […]