Europe and the United States have “misused” the World Bank and International Monetary Fund for their own ends, according to an executive at a new bank launched by major developing countries. While such an accusation is hardly new, it is unusual for it to come from a rival institution. “The Washington institutions fundamentally reflect the […]
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The International Monetary Fund slashed its forecast for the world’s largest economy Tuesday, saying the United States has lost some of the momentum that has anchored global growth the last few years. The global crisis lender predicted the US economy would expand by just 1.6 percent this year, compared to its July estimate of 2.2 […]
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The International Monetary Fund has cut its 2017 economic growth forecasts for Africa’s two largest economies as low commodity prices, policy uncertainty and weak investor confidence weigh on output. Report according to Bloomberg shows that, gross domestic product in South Africa will probably expand 0.8 percent next year, compared with the 1 percent forecast in […]
Read More China’s dependence on debt is growing at a “dangerous pace” and it must act to head off a brewing crisis, the IMF warned Tuesday. The International Monetary Fund also said the country’s leaders should kick on with vital reforms or risk a painful correction in the world’s number two economy, adding that Beijing’s “unsustainably high” […]
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France’s highest appeals court ruled on Friday that International Monetary Fund chief Christine Lagarde must stand trial for her role in a 400 million euros ($440 million) state payout in 2008 to businessman Bernard Tapie. She was French finance minister at the time when she signed off on the decision to seek a extremely rare […]
Read More The Minister of Finance, Mrs Kemi Adeosun, says Nigeria will overcome its economic challenges without taking loan facility from the International Monetary Fund (IMF). In a statement issued in Abuja on Saturday, Adeosun made the observation at the ongoing Spring Meetings of the IMF-World Bank in Washington DC in response to why the government has refused […]
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The Managing Director of the International Monetary Fund, Christine Lagarde, has said the organisation remains available for Nigeria whenever the country needs financial assistance from it. The IMF boss noted that the persistent devaluation of the naira might not be a good measure for the Federal Government. Lagarde stated this in a recent online question […]
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PRESIDENT Muhammadu Buhari, has been said to be undermining the progress of fighting Boko Haram and tackling corruption by endorsing exchange rate policies that are doomed to fail, an influential former central bank governor has said. Nigeria’s Central Bank Governor from 2009 to 2014, Lamido Sanusi, disclosed this to the Financial Times, saying he was […]
Read More Christine Lagarde is having some trouble sleeping at night. The head of the International Monetary Fund said “quite a few countries” are keeping her awake lately, but at the top of the list are low-income nations that rely heavily on exporting oil. “I think of a country like Nigeria, for instance, where 90% of its […]
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THE Federal Government is seeking from the World Bank and the African Development Bank the sum of $3.5bn (N697bn) in emergency loans to fill a growing gap in its budget in the latest sign of the economic damage being wrought on oil-rich nations by tumbling crude prices. The $2.5bn (N498bn) loan from the World Bank […]
Read More THE nation’s external reserves fell to $28.1bn on January 28, the lowest level since 2005, data from the Central Bank of Nigeria showed on Friday. The foreign exchange reserves had stood at $29.13bn a month ago, the data showed. On December 31, 2015, the reserves closed at $29.070bn, reflecting a decline of 15.79 per cent […]
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The Chief Executive Officer, Financial Derivatives Company Limited, Mr. Bismarck Rewane, has described the naira as being misaligned, saying Ghana and South Africa had already moved closer to equilibrium. Rewane, who was quoted by Bloomberg as stating this, said, “The concerns are that the currency is under pressure, that the currency is misaligned. “Ghana and […]
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