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INTERNATIONAL MONETARY FUND
The IMF says that Nigeria needs a fundamental policy reset to durably exit the current economic crisis.
IMF is quite optimistic about the fortune of the global economy but expressed fear that the new Covid variant could derail economic recovery.
The IMF"s executive board has agreed to raise the precautionary reserves, citing increased credit risk exposures.
The IMF report shows that the sum of $11.7 trillion was expended in different fiscal interventions for the COVID 19 pandemic and the associated lockdowns.
IMF has stated that the exchange rate and monetary policy reforms will help to unlock Nigeria’s growth potential.
The IMF has urged Nigeria to increase monetary reforms to boost balance of payment pressures.
The IMF has disclosed funding support totalling $99 billion to Nigeria and 69 other countries to tackle COVID-19 pandemic.
IMF reiterated that the protest in the country is not just against police brutality, but also unemployment and poverty.
The world economy is now projected to fall by 4.4% in 2020.
IMF boss predicts that African countries will experience a financing gap to the tune of $345 billion through 2023.
The World Bank said that the pandemic has put a decade of hard-won economic progress at risk.
The world economy has ended up performing better than the International Monetary Fund had envisaged in Q2 and Q3.