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While the IMF approved US$1 billion disbursement to Ghana to address the covis-19 pandemic to be drawn under its (IMF’s) Rapid Credit Facility, its Executive Board on the same day approved for Senegal a US$442 million disbursement under the Rapid Credit Facility and purchase under the Rapid Financing Instrument. The IMF did not make public any conditionalities to these packages.
The COVID-19 outbreak, the IMF said, has magnified existing vulnerabilities, leading to a historic contraction in real GDP growth and to large external and fiscal financing needs.
“Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic."
“Importantly, AU should reaffirm the objective of the Bank, which is to finance Africa’s development. The American ridicule and disparage of the Bank is unacceptably brazen and provocative. According to the World Bank President, David Malpass, who is an American nominee of Trump administration, AfDB “lends too quickly”, thus aggravating the countries' debt problems, the allegation the Bank had dismissed as “Untrue and unfounded,”.
Briefing shareholders at the 11th Annual General Meeting (AGM) held in Lagos last week, Dangote told the shareholders that the year 2019 was a strong year given the tough business environment across most of its operating geographies. He disclosed that the Group recorded volumes of 23.7 million metric tonnes and revenues of ₦891.7 billion.
ONGOING efforts by Dangote Coal Mines Ltd to reach mutual out-of-court settlement with its host community of Akpali in a recent litigation on compensation over community land on which the company is currently mining coal...
THE International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers' Associations (IUF) has launched a global online campaign for the reinstatement of two Guinean trade union leaders sacked for defending their co-worker...
"Nigeria has a very high self-employment rate. In terms of occupational proportions from a household perspective, my research showed that 41.4% of household members reported being own account self-employment, 26.5% in paid employment, 2.8% reported that they were employers of labour, 15.7% indicted that they were unemployed, while 13.6% reported being non-active in the labour force."
THE federal government has unveiled plans to incorporate an infrastructure company with an initial seed value of one trillion naira to be known as Infra-Co, a statement from the Office of the Vice President has...
THE Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, on Monday stated that Nigeria lacks the financial muscle to build a new refinery going by the economic situation of the...