SBU. ADVERTISEMENT. They urged the fund to ramp up crisis response for emerging markets and developing countries to mitigate the impact of the pandemic. According to Georgieva “We are working hard to respond to this request so that a proposal can be considered by the IMF’s Executive Board as soon as possible,”, READ ALSO: IMF warns about China’s loan terms, as Nigeria’s ‘romance’ with Asian country deepens. Mark Newman, senior analyst at Bernstein stated because both companies run on Google’s Android operating system, users could opt for another Android-based brand. In counties like Zambia, Uganda and others, default on Chinese loans have led to unprecedented repercussions in bilateral relationships between them and their creditor. Hit by crashing oil prices and lockdowns, Nigeria requested the amount, which is the total of its existing holding with the IMF, under the Rapid Financing Instrument, which offers funding without the strings of a full programme. Echoing the speaker’s concern, Lawan had also admitted: “The pandemic has unsettled economies, affected the way we relate to each other and disrupted calendars of activities across different sectors. The Paris Club is an informal group of member countries who as official creditors provide loans to needy countries with respect to balance of payment settlements. Nigeria’s Minister of Finance, Zainab Ahmed had earlier confirmed the country had approached the IMF and other Multi-lateral institutions for a $6.9 billion loan as it grapples with dwindling government revenues and economic uncertainty following … Do NOT follow this link or you will be banned from the site. Uwaleke, who is Professor of Finance and Capital Markets at the Nasarawa State University, Keffi, further queried the decision of the government to access the funds under the RFI, as against the Rapid Credit Facility (RCF), which according to him, has zero interest rate and longer maturity period. She is a former Director in Keystone Bank; former Director, Lagos State Lottery Board; Honorable Commissioner for Special Duties & Inter-Governmental Relations in Lagos State; she was also the MD of Alma Beach Estate Ltd (a subsidiary of Rims Merchant Bank Ltd); MD, Maridot Ventures Ltd. She is a renowned Management / Financial Consultant to many companies and also served as the Divisional Commercial Manager of the Property division of the United African Company (UAC) of Nigeria. Square, Inc. (NYSE: SQ) led by Twitter’s Jack Dorsey on October 8th disclosed that it purchased, 4,709 bitcoins at an estimated worth of $50 million. The IMF is therefore right in this respect. To enable commenting and other interactive features, please switch to the more advanced . It will also help to avoid some leakages and misappropriation when it is channelled on a particular infrastructure project.”. This is according to Kristalina Georgieva, the Managing Director of the IMF. In their bid to displace the traditional trading partners of the developing countries, the Chinese offered mouth-watering trading conditions to their newfound business partners who swallowed same hook, line and sinker- just like a hungry fish that sees a tantalizingly wriggling worm at the end of an invisible fisherman’s line and hook, in the vast expanse of the sea. This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union (EU) to partner countries in Africa worth €3.25 billion.”. “So I think smartphones, telecom equipment and a bit of semiconductor are the main reasons for the beat,” he said. The IMF explains that the immediate economic impact of COVID-19 is expected to be severe in Nigeria especially as things have been bad even before the twin calamity of the COVID-19 and the fall in oil prices. Also, the German government yesterday relieved Nigeria of debt repayments amounting to €22.4 million (N8.9 billion). Before now the IMF, its sister Bretton Woods agency – the World Bank and some other global interventionist bodies have routinely issued advisories on the economic as well as political circumstances of the country, with each of such expected to reflect its state of affairs. The merit in their transactions depends largely on the multilateral nature of such which provides guarantee that no debtor nation can be subjected to sudden adverse twists, in its debt obligations. The $3.4 billion loans from IMF is part of $6.9 billion loans Nigeria is seeking from international lenders to enhance its efforts to tackle the impact … The foregoing notwithstanding, the recourse of developing countries especially in Africa like Nigeria, to Chinese loans was driven by several factors – especially the need to bypass the increasingly suffocating credit conditions in their trading relations with the Western countries who are also members of the Paris Club. Making the disclosure in a statement in Abuja, German Foreign Minister Heiko Maas said: “German treasury relieves Nigeria of debt repayments amounting to €22.4 million. SBU. The board of the IMF, had on Tuesday, approved Nigeria’s request for $3.4 billion emergency support to address the severe impact of the COVID-19. The International Monetary Fund (IMF) yesterday approved Nigeria’s $3.4 billion emergency loan request to assist the country tackle the impact of the coronavirus (COVID-19) pandemic. Chief (Mrs) Teju Phillips is a successful Chartered Accountant who holds an ACCA from England and Wales. Debtor attempts to kill creditor to evade repaying N6.5m loan, $9.6bn Judgment Debt: Victory in UK court, a huge relief – Lai Mohammed. The FG on Tuesday also announced it was going ahead with its Eurobond loans while also seeking debt reliefs. The loan, to be repaid within five years, is the largest allocation yet by the IMF to an African country’s bid to contain the pandemic. This House of Representatives is ready, and I trust that we will find allies in government and across our country who are prepared to make the changes that our country needs to survive, recover and thrive.”. READ: Ripple Whale transfers 20,000,000 XRP to Binance. Claiming they were acting on orders from above, the officers threatened to use force on any journalist who failed to comply. Samsung Consolidated sales were approximately 66 trillion won for the quarter, up about 62 trillion won last year. It also announced a donation of €5.5 million (N2.2 billion) to the Nigerian Humanitarian Fund (NHF) for aid initiatives in the northeastern states of Borno, Yobe and Adamawa. READ our Privacy-policy and cookie policy. Nigeria’s economy is still recovering from the substantial terms-of-trade shock that triggered the 2016 recession. He explained that the decision would stimulate economic activities and trigger increased volume of transactions in the local bond market. The IMF’s financial assistance to Nigeria will provide critical support to shore up the country’s heath care sector and to protect jobs and businesses. He has worked in research and marketing departments of three top commercial banks. Why it’s happening; Recall some months ago Nairametrics broke the news that a publicly-traded company based in America, MicroStrategy recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. Between April – June it had about 23% increase in profit. “The IMF and the World Bank Group stand ready to help our member countries address the human tragedy and economic challenge posed by the COVID-19 virus. “The facility is for a short period due within three and one quarter to five years, which means repayment will be done in eight quarterly instalments, starting third quarter 2023 assuming disbursement is made before end of second quarter 2020.”. The staff of the International Monetary Fund will recommend the approval of $3.4 billion in emergency funding to Nigeria when the lender’s executive board meets next week, according to … “First, it is a non-concessional loan with commercial terms being disbursed under the IMFs Rapid Financing Instrument (RFI) which, in addition to a basic interest rate charge, attracts a commitment fee, service charge and a surcharge on outstanding credit.
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