2021: IMF forecasts higher GDP growth for Nigeria at 2.5%

MF forecasts higher GDP growth for Nigeria at 2.5%

2021: IMF forecasts higher GDP growth for Nigeria at 2.5%     The International Monetary Fund (IMF) has projected growth of 2.5 percent for Nigeria this year indicating an increase from the one per cent it had predicted for the country in January. The IMF in its latest World Economic Outlook titled: “Managing Divergent Recoveries,” also projected a 2.3 per cent economic growth for the country in 2022.  The Fund also anticipated a growth rate of 3.4 per cent for Africa this year, higher than the 0.2 per cent in…

Read more

IMF backs CBN’s restriction on use of cryptocurrencies

MF forecasts higher GDP growth for Nigeria at 2.5%

IMF backs CBN’s restriction on use of cryptocurrencies   In what appeared as a way of baking Nigerian apex bank’s ban of cryptocurrency transactions in the country, an official of the International Monetary Fund (IMF) has called for caution in the use of the digital currencies, describing it as a concern. It disclosed this during a virtual briefing on the recently published 2020 Article IV IMF Staff Report for Nigeria. Ari Aisen, the Resident Representative of IMF for Nigeria, said the concern on the use of cryptocurrencies was why many…

Read more

IMF reviews its debt sustainability framework

MF forecasts higher GDP growth for Nigeria at 2.5%

IMF reviews its debt sustainability framework   The Executive Board of the International Monetary Fund (IMF) reviewed on January 14, 2021 the IMF Debt sustainability Framework for Market Access Countries (MAC DSA). The review revealed scope to improve the MAC DSA framework’s ability to identify risk of sovereign stress and better align it with the IMF’s lending framework, to be achieved by replacing the current approach with a new methodology. The MAC DSA plays a key role in the Fund’s core functions of surveillance and lending. In surveillance, the framework…

Read more

Angola’s economy to get boost with fresh $488m IMF loan

IMF Loan

Angola’s economy to get boost with fresh $488m IMF loan   The International Monetary Fund (IMF) approved the disbursement of $488 million to Angola and reiterated its confidence that Africa’s second-biggest oil producer will rein in public debt to sustainable levels. The disbursement approved by the executive board comes four months after the Washington-based lender increased the size of the loan by almost a quarter to $4.5 billion to help Angola weather the fallout of the coronavirus pandemic. The three-year Extended Fund Facility, which began in 2018, aims to overhaul…

Read more

IMF lowers China’s growth in 2021; warns of financial dangers

MF forecasts higher GDP growth for Nigeria at 2.5%

IMF lowers China’s growth in 2021; warns of financial dangers   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 percent the IMF earlier predicted, although China has been pegged as the only major economy likely to expand in the face of the coronavirus. Also, China urgently needs to take steps to contain financial stability risks as the economy’s recovery…

Read more

IMF downgrades Nigeria’s economic outlook, projects 4.3% contraction in 2020

MF forecasts higher GDP growth for Nigeria at 2.5%

The International Monetary Fund (IMF) has projected that Nigeria’s economy will contract by 4.3 per cent in 2020. It disclosed this in its World Economic Outlook report for October 2020 which was released on Tuesday. The IMF had earlier in April predicted a 3.4 per cent contraction of the economy. It also predicted 5.4 per cent contraction in June. It however projected that the economy would recover by 1.7 per cent in 2021. According to the report, global growth was projected to contract by 4.4 per cent in 2020, a…

Read more

Digital Solutions for Small Businesses in the Middle East and North Africa

By Inutu Lukonga Small and medium-sized enterprises dominate the business landscape in the Middle East and North Africa region. These enterprises account for more than 90 percent of the region’s businesses and, in some countries, contribute as much as 50 percent of employment and 70 percent of GDP. Yet they face impediments to growth, and their contribution to employment is below potential. In much of the region, small and medium-sized enterprises are handicapped by limited access to credit, unfavorable business environments, and talent gaps. Digital technologies present new opportunities for…

Read more

Ceda Ogada from Kenya named IMF Secretary

Ceda Ogada from Kenya named IMF Secretary

Mr Ceda Ogada from Kenya has been named the Secretary of the International Monetary Fund (IMF) and Director of the Secretary’s Department. The appointment was announced by Ms Kristalina Georgieva, the Managing Director of IMF on Wednesday. Mr Ogada succeeds Mr Jianhai Lin, whose retirement was announced recently. “Ceda has outstanding institutional knowledge, strategic and intellectual heft, and people leadership,” Georgieva said. “His unparalleled ability to bring people together, combined with his profound appreciation of the Fund’s institutional history and legal principles, as well as strong service orientation, will help…

Read more

IMF: Economic insolvencies loom large amid recovering financial conditions

MF forecasts higher GDP growth for Nigeria at 2.5%

Latest Global Financial Stability Update by the International Monetary Fund (IMF) warned that insolvencies still threaten economic breakthrough despite recovering financial conditions across countries. The following are the key takeaways from the June update: Risk asset prices have rebounded following the precipitous fall early in the year, while benchmark interest rates have declined, leading to an overall easing of financial conditions. Swift and bold actions by central banks aimed at addressing severe market stress have boosted market sentiment, including in emerging markets, where asset purchases have been deployed in a…

Read more