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Covid-19: IMF discloses factors that affect economic recovery of low-income countries

The IMF has identified some factors that hamper the economic recovery of low-income countries from the effects of the COVID-19 pandemic.

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IMF discloses immediate priority , Reduce funding oil subsidy - IMF to Nigeria , IMF: 40% of African countries can't pay back their debts , Nigeria among countries that pushed Global debt to $188 trillion - IMF , Coronavirus: World Bank, IMF to support Nigeria and other member countries affected, IMF, World Bank to hold meetings via conference call over Coronavirus epidemic, IMF advises banks to suspend dividend payment

The International Monetary Fund (IMF) has identified some factors that hamper the economic recovery of low-income countries from the devastating impact of the coronavirus pandemic.

This is as many of the poorest countries in the world are facing the threat of weak recovery and setbacks in their development path.

This disclosure is contained in a report issued by the IMF on Sunday, April 5, 2021, and can be seen on its website.

READ: $2 trillion economic recovery plan pushes S&P 500 to record high

Some of the factors include access to vaccines. The poorer or low-income countries, face uneven access to vaccines as most of these countries rely almost entirely on the multilateral COVAX facility. This is a WHO-backed global initiative, in collaboration with a consortium of international organizations, aimed at equitable access to vaccines. The initiative is currently set to procure vaccines for just 20% of the population in low-income countries.

Secondly, low-income countries have had limited policy space to respond to the crisis, most especially, they have lacked the means for extra spending.

READ: FG rejects IMF’s advice to devalue the naira

Thirdly, pre-existing vulnerabilities such as high levels of public debt in many low-income countries and sometimes weak, negative, total factor productivity performance in some low-income countries continue to act as a drag on growth.

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The IMF in its presentation estimates that low-income countries will require about $200 billion until 2025 to step up their response to the pandemic, and a further $250 billion to catch up with advanced economies. An additional $100 billion will be needed if risks identified in the baseline scenario materialize. Meeting these needs will require a coordinated, multifaceted, strong response.

READ: Central Bank of Nigeria; resuscitating an ailing economy

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Bottom line

With the devastating impact of the coronavirus pandemic still very visible, the low-income countries and even the developed economies are still trying to create a path to economic recovery.

The high debt level of low-income countries even before the pandemic means that only a small portion of its Covid-19 expenditure could be financed through borrowing.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

NPA suspends Electronic Call-up for trucks at APM terminal, Apapa

This follows a fallout of the dispute between members of the Maritime Workers Union and the management of AP Moller Terminals.

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 Onitsha River Port Set To Receive 1000 Containers from Lagos Next Week

The Nigerian Ports Authority (NPA) has announced the suspension of the Electronic Call-up for trucks (ETO) for cargoes bound for the AP Moller Terminal (APMT) in Apapa.

This follows the disruption of operations at the terminal which is a fallout of the dispute between members of the Maritime Workers Union and the management of AP Moller Terminals.

This disclosure is contained in a series of tweet posts by NPA on its official Twitter handle on Thursday, April 15, 2021.

The NPA said that while it is working towards resolving the dispute between both parties, APMT will not receive or exit cargoes for the next 24 hours.

The tweet from NPA reads, ”Following a dispute with the management of AP Moller Terminals at the Lagos Ports Complex, Apapa, members of the Maritime Workers Union have today, April 15, disrupted operations at the terminal.

While the NPA is working toward resolving the dispute between the two parties, APMT will not be able to receive or exit cargoes for the next 24 hours.

The authority hereby urges stakeholders to please take note, as ETO tickets will not be issued to APMT bound cargoes.’’

What you should know

  • There were earlier reports that the Maritime Workers’ Union of Nigeria (MWUN) on April 15 shut down AP Moller Terminal (APMT) in Apapa.
  • The President-General of MWUN, Mr Adewale Adeyanju, disclosed that the grounding of activities at the terminal is due to the expiration of the one week plus notice given to the management of the terminal to adhere to the laws of the land.

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Business

NCC issues NIN enrollment guideline for foreigners living in Nigeria

All legally resident foreigners are required to obtain a NIN just like Nigerian citizens.

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Nigerian Communication Commission (NCC) has issued NIN enrollment guidelines for foreigners living in Nigeria.

According to NCC, all persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

This was disclosed by the commission via its Twitter handle on Thursday.

READ: Here are 6 directives NCC gave MTN, Airtel, others on SIMs without NIN

It tweeted, “All persons in Nigeria who use mobile networks are required to register their SIM cards and link them with the NIN database.

All legally resident foreigners (i.e. non-Nigerians living and working in Nigeria) are to obtain a NIN just like Nigerian citizens. They can do this by submitting valid resident/work permits at NIMC enrolment centres.

However, foreigners on tourist or visiting visa are to tender their international passports to acquire a SIM. But where such a visiting foreigner or tourist’s immigration status changes to residency or work permit, he/she will be required to obtain NIN and link the registered SIM.”

READ: Beware of fake NIN app, NIMC warns Nigerians

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It added that the NIN does not confer citizenship on foreigners but only serves to identify a person (citizens and legal residents).

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