The International Monetary Fund “IMF” on Tuesday, April 28th approved the sum of $3.4 billion as financial assistance to Nigeria. The IMF charges a lending rate, annual commitment fees, and service charge. Over the past two years, the rebound in oil prices, a tight monetary policy, and a convergence in foreign exchange windows have helped reduce inflation and rebuild external buffers. READ ALSO: Nigeria is in a weak financial position to absorb recession shocks —Bismark Rewane. According to data from the website of the IMF, the interest charged is not flat and applies to several factors. The government has retained an official exchange rate of N379/$1 to the dollar, given the determination of the Central Bank of Nigeria to pursue the unification of exchange rates. On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks. Additional assistance from development partners will be required to support the government’s efforts and close the large financing gap.”. Their decision is coming barely 7 days after the House of Representatives announced largely similar decisions. This means the government will struggle to pay for salaries of civil servants, take on capital projects and even more importantly, combat the effect Covid-19 pandemic which is ravaging the economy bit by bit. So, government is taking a good risk on our youths, which it hopes will awaken their creative and genius innovative ideas.”, READ: Large BTC entity transfers over $100 million worth of Crypto. Balance of payment refers to a situation where a country’s dollar inflow (supply)can no longer pay for its dollar outflows (demand). This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am. The Climate Change Knowledge Portal is a hub of information, data and reports about climate change around the world. Nigeria’s IMF Financial Assistance to Support Health Care Sector, Protect Jobs and Businesses. According to the NCDC, the 155 new cases are reported from 8 states- Lagos (84), Rivers (31), Kaduna (12), Osun (10), FCT (7), Oyo (6), Ogun (3), Kwara (2). The IMF has various loan types for member countries depending on the reason for needing finance. Some of these statistics are wild estimates that bear little relation to the facts on the ground,” Mr Buhari said on Twitter Wednesday afternoon. MADUFORO OKECHUKWU, who took a tour of some towns and villages most hit by […], on IMF projects slow economic recovery for Nigeria, Click to share on Telegram (Opens in new window), Click to share on WhatsApp (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Skype (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Pocket (Opens in new window), on Why it ’s diff ic ult for Nigerians to pronounce cer tain letters, by Linguists, on Erosion: The gully is now close to my bedroom –Blind old man, All Rights Reserved © 2020. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This suggests there are no strings as loans requiring a “full-fledged program” are typically tied to major reforms. The team also publishes research based analysis as articles on a regular basis. Manuals, guides, and other material on statistical practices at the IMF, in member countries, and of the statistical community at large are also available. The government needs money to pay for testing equipment, treat victims of the virus, and provide palliatives for millions of Nigerians who may have lost their jobs or face business losses due to the pandemic. 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The members of the upper chamber gave the go-ahead on Wednesday, October 7, 2020, after debating the government’s Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) covering the next 3 years (2021 – 2023). While urging the youths to take advantage of the opportunity, Dare stated that prospective applicants must show clearly that they have the market, resources and manpower to access the fund. The IMF publishes a range of time series data on IMF lending, exchange rates and other economic and financial indicators. “They only create models when they cannot access the data they need anywhere else.”, Samuel Ogundipe is a general assignment reporter at PREMIUM TIMES. The president played up the significant role which an accurate collection of data can play in the country’s social and economic planning but recommended that local institutions are better suited over foreign agencies to collate such records. The IMF loan comes with a concessionary interest rate and is expected to be paid back by Nigeria. Prior to this, she was IMF’s Mission Chief for North Macedonia and Slovak Republic and led cross-country work on Eastern Europe as Deputy head of the IMF’s European Department’s regional division. This is according to Kristalina Georgieva, the Managing Director of the IMF. Your browser is not up-to-date. “The World Bank partners with us a lot and they give us financial support,” Mr Kale said. According to data from the website of the IMF, the interest charged is not flat and applies to several factors. However, persistent structural and policy challenges—including a large infrastructure gap, low revenue mobilization, and high dependence on hot money—constrain growth to below the level needed to reduce vulnerabilities and improve development outcomes. Graph, map and compare more than 1,000 time series indicators from the World Development Indicators. Abiodun, who made the declarations in Abeokuta, the state capital, when he received the report of a Steering Committee for the Implementation of the Water, Sanitation and Hygiene Programme, (WASH), also declared a war against open defecation […], The outbreak of Covid-19 is the best thing that ever happened to the mask industry, but it’s going to require a bit of cleaning up. The IMF loan comes with a concessionary interest rate and is expected to be paid back by Nigeria. Furthermore, noting that it extended a $3.4 billion loan to Nigeria in emergency financial assistance to enable the nation tackle the coronavirus crisis, the IMF significantly listed the policy commitments it obtained from the country’s authorities before the loan was disbursed. In Naira terms, assuming an exchange rate of N360/$1 the loan is about N1.2 trillion. The money is not available to State governments. African Dept. This site uses Akismet to reduce spam. The Senate has approved the Federal Government’s plan to borrow as much as N4.28 trillion ($11 billion) from both domestic and foreign debt sources, in order to help fund its expenditure in 2021. The IMF has approved its largest COVID-19 emergency financing package so far—a US$3.4 billion Rapid Financing Instrument (RFI) for Nigeria. The service charge is about 0.5% for each amount that is withdrawn. The funds are expected to be used for meeting government expenditure related to the fight against Covid-19. The Nigerian government faces a major revenue crisis due to the impact of the fall in oil prices and the lock-down of the Nigerian economy due to the Covid-19 situation. Directly accessible data for 170 industries from 50 countries and over 1 Mio. According to data from the website of the IMF, the interest charged is not flat and applies to several factors. IBRD/IDA Operations Approved by Fiscal Year, New and Supplemental Projects by Fiscal Year, Summary of Contributions to Financial Intermediary Funds, Average Monthly Temperature 1901 - 2009 (C), Average Monthly Rainfall 1901 - 2009 (mm), International Comparison Program & Purchasing Power Parity, International Household Survey Network (IHSN), Trust Fund for Statistical Capacity Building, Poverty headcount ratio at national poverty lines (% of population), GNI per capita, Atlas method (current US$), Statistical Capacity score (Overall average). Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,776, followed by Abuja (5,765), Plateau (3,498), Oyo (3,279), Edo (2,634), Rivers (2,632), Kaduna (2,463), Ogun (1,898), Delta (1,803), Kano (1,738), Ondo (1,638), Enugu (1,289), Kwara (1,050), Ebonyi (1,042), Abia (898), Katsina (894), Gombe (883). According to the IMF’s definition, Rapid Financial Support “provides rapid and low-access financial assistance to member countries facing an urgent balance of payments need, without the need to have a full-fledged program in place.”. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets. Use the free Adobe Acrobat Reader to view this PDF file. Your browser is not up-to-date. Should Nigeria in the nearest future go for a different loan from IMF it may have to meet the IMF’s reform requirements. For optimum experience we recommend to update your browser to the latest version. She has an extensive publication on transition economies and strong research interests in global supply chains and sustainable development financing. Insufficient budget and other constraints also contribute to the acute unavailability of statistics.
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