IMF
Ugandan to lose $1.6 billion in tourism earnings as a result of coronavirus
Uganda will lose $1.6 billion a year in earnings from tourism as visitors stay away due to the impact of the coronavirus, President Yoweri Museveni said.
Two decades on, Zimbabwe takes stock of Robert Mugabe land reform legacy
Eighty-year-old Isobel Simons calmly narrated how she and her late husband lost their 728-hectare Zimbabwe farm two decades ago to Robert Mugabe’s controversial land reforms.
President Buhari urges speedy passage of revised 2020-2022 MTEF/FSP, budget
The Presidency on Thursday urged the House of Representatives to speedily pass the 2020-2022 Medium Term Expenditure Framework (MTEF), and Fiscal Strategy Paper (FSP) and the revised Appropriation Bill, 2020 for the fiscal year.
Presidency: Nothing wrong with taking more loans
There is nothing wrong in taking more loans to finance specific projects, the Presidency said on Sunday.
Private creditors push back against blanket debt relief for Africa
Prominent emerging market creditors have set up a new group to help heavily-indebted African nations coordinate responses to the economic impact of COVID-19, but have also criticised recent calls for blanket debt relief.
Nigerian government cuts 2020 budget by N71.5 billion
The Federal Executive Council (FEC) has approved a revision of the 2020 Budget from N10.594 trillion to N10.523 trillion, reflecting a N71.5billion downward review.
Egypt receives $2.77 billion in IMF emergency financing
Egypt has received $2.77 billion in emergency financing from the International Monetary Fund, its state news agency reported on Tuesday, citing a senior central bank source.
Nigerian stocks records ninth consecutive gain
The Nigerian stock market gained ground for the ninth day in a row, with the benchmark All Share Index (ASI) improving further by 0.87 per cent to settle at 24,354.25 points after oil price climbed above $31 per barrel on Thursday.
IMF approves $491.5 million loan for Uganda to limit coronavirus impact
Uganda will receive an emergency loan worth $491.5 million from the International Monetary Fund to help cushion its economy from the impact of the new coronavirus, the fund said on Wednesday.
Nigeria receives $3.4 billion IMF emergency fund
Nigeria has received a $3.4 billion emergency fund from the International Monetary Fund (IMF), less than 24 hours after receiving $311 million of stolen money stashed in the United States and Jersey island.
Africa’s oil producers impacted by OPEC production cut
Crude oil prices rose marginally on Friday (May 1) as the Organization of Petroleum Exporting Countries (OPEC) and their allies started reducing output.
Zimbabwe pleads with foreign lenders to prevent coronavirus “catastrophe”
Zimbabwe is headed for a health and economic catastrophe from the coronavirus pandemic because its debt arrears mean it cannot access foreign lenders, the finance minister warned in a letter to the IMF.
Algeria cuts budget, increases minimum wage
The Algerian government decided Sunday to reduce the state budget by half due to a financial crisis caused by the global collapse in oil prices and worldwide coronavirus lockdowns.
IMF approves $91 million loan to Malawi for coronavirus trade balance woes
The International Monetary Fund (IMF) has approved a $91 million loan for Malawi to help fund a balance of payments deficit exacerbated by the COVID-19 pandemic, the Fund said in a statement.
Nigeria: Fuel subsidy will not return
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, and the Central Bank of Nigeria Governor, Mr Godwin Emefiele, made the pledge in a letter to the Managing Director of the International Monetary Fund, Mrs Kristalina Georgieva.
NLC: Nigeria on pathway to economic bankruptcy
As a result of massive petroleum products importation and debt overhang, the Nigeria Labour Congress (NLC) has raised the alarm, saying Nigeria is on the pathway to economic bankruptcy.
Nigeria pledges prudent use of $3.4 billion IMF loan
The Federal Government says it will make “judicious use” of the $3.4 billion loan request recently approved by the International Monetary Fund.
Experts want Nigeria to use IMF loan for the purpose intended
Some financial experts have urged the federal government to use the loan approved by IMF for the purpose intended so as to help sustain the country’s economy.
Recent Stories
Medical council validates four coronavirus test kits – registrar
The Medical Laboratory Science Council of Nigeria (MLSCN) says it has validated four Rapid Test Kits to determine their suitability for testing SAR-COV-2 infection popularly known as COVID-19 in the country.
Nigerian celebrities mourn deceased Majek Fashek
Nigerian celebrities have taken to their social media platforms to mourn the death of Music Legend, Majekodunmi Fasheke, a.k.a Majek Fashek.
Rwanda set to announce new coronavirus restrictions
Rwanda says it will announce new restrictions on containing the coronavirus Tuesday, a stark reversal of the country's plan days ago to ease restrictions, including motor vehicle travel throughout the country.
Nigeria declares telecoms facilities critical national Infrastructure
In response to the yearnings of industry stakeholders to declare telecom facilities Critical National Infrastructure, President Muhammadu Buhari, has finally approved and also directed that necessary physical protective measures be put in place to safeguard telecommunications infrastructure deployed across the country.
ASCAB: President Buhari’s speech underestimate Sani Abacha’s $5 billion loot
Alliance for Surviving COVID-19 and Beyond, (ASCAB), a group led by prominent Nigerian human rights lawyer, Femi Falana has said that President Muhammadu Buhari’s claim that late dictator, Sani Abacha, stole $1 billion contradicts the figures earlier released by his own officials.
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Tension in Rivers as three VIPs die in five days
Health workers use proxy to bare frustrations on avoidable risks of infection they are subjected to at the Rivers State University Teaching Hospital where three VIP coronavirus cases died in five days.
Professor: Coronavirus a likely ‘lifelong relationship’
The global COVID-19 number of infections is steadily climbing toward 6 million.
Police arrest 17 sea pirates in Rivers
Operatives of the Marine Division of the Rivers State Police Command have arrested 17 alleged pirates terrorising travellers on the waterways in the State.
AfDB: Sierra Leone assures Akinwumi Adesina of support
President Julius Maad Bio of Sierra Leone has assured President of African Development Bank, Dr Akinwumi Adesina, of his support and that of his country.
Imo monarch seeks lockdown extension
The Chairman of the Imo State Council of Traditional Rulers told the Federal Government on Sunday to extend the current lockdown as the total number of confirmed coronavirus cases in Nigeria nears the 10,000 mark.