Saturday, September 15, 2018

Tag "imf"

    Amina Mohammed: Gender equality will add $30trn to GDP annually

Amina Mohammed: Gender equality will add $30trn to GDP annually

Amina Mohammed, deputy secretary general of the United Nations (UN), says investing in gender equality will add over $30 trillion to global gross domestic product (GDP) per year.Speaking at the International Monetary Fund (IMF) meetings in Washington, Mohammed said it makes business sense to add women to the global work force, but adds that those women must also be given [...]

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    66% of Nigeria’s tax revenues goes to debt servicing, says IMF

66% of Nigeria’s tax revenues goes to debt servicing, says IMF

The International Monetary Fund (IMF) says 66 percent of Nigeria's tax revenues is spent on servicing debts, calling on the country to raise taxes.Speaking at the IMF Fiscal Monitor briefing in Washington on Wednesday, Vitor Gaspar, director of the fund's Fiscal Affairs department, said he is happy the Nigerian government now sees taxation as a path to development."I had the [...]

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    IMF: Oil, agriculture, big govt spending will drive Nigeria’s growth to 0.8% in 2017

IMF: Oil, agriculture, big govt spending will drive Nigeria’s growth to 0.8% in 2017

The International  Monetary Fund (IMF) says rise in oil prices, continued growth in agriculture, and big government spending will drive Nigeria's economic growth to 0.8 percent in 2017.Maurice Obstfeld, IMF chief economist, who unveiled the fund's World  Economic Outlook in Washington on Wednesday, said global growth will continue with the help of advanced economies and  emerging, low income countries."We project [...]

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    IMF: Nigeria’s economic decline affects low income developing countries

IMF: Nigeria’s economic decline affects low income developing countries

The International Monetary Fund (IMF) says Nigeria is responsible for the lion share of economic decline experienced by low income developing countries across the world.In its World Economic Outlook (WEO) unveiled on Tuesday in Washington, the Bretton Woods institution said Nigeria's drastic economic decline from 2011 to 2016 highly affected that basket of countries."For emerging market and developing economies as [...]

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    Follow TheCable for updates on World Bank/IMF meetings in Washington

Follow TheCable for updates on World Bank/IMF meetings in Washington

Like Nigeria, the global economy is on a path to growth, riding on the wings of rising commodity prices and trade policies. This growth may be stunted by the protectionism in the US, Brexit realities in the UK, and geopolitical shocks emanating from Syria, Russia, and North Korea.The business and finance world -- as led by the World Bank and [...]

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    Lagarde: The world must prepare to compete with machines

Lagarde: The world must prepare to compete with machines

Christine Lagarde, the managing director of the International  Monetary Fund (IMF), says global governments must prepare the people  to compete with machines.Lagarde, who spoke on the global economy ahead of the IMF and World  Bank meetings in Washington next week, said "there are concerns that automation will progressively jeopardize employment growth in emerging and developing economies".Quoting futurist Andrew McAfee, Lagarde said [...]

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    IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

IMF wants naira to trade between 335/366 as FX inflow falls from $39bn to $14bn

The International Monetary Fund (IMF) is favourably disposed to the position of Bismarck Rewane, CEO of Financial Derivatives, that the naira be allowed to depreciate below 305/$1.Rewane had suggested that the Central Bank of Nigeria (CBN) allows the naira to depreciate from 305 to 340/350 per dollar, in order to engage an effective exchange rate system.“The central bank can intervene [...]

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    IMF hints at fresh devaluation, says naira is overvalued

IMF hints at fresh devaluation, says naira is overvalued

The International Monetary Fund (IMF) says the Nigerian naira is overvalued by about 10 percent to 20 percent. Speaking at a news briefing in Washington on Wednesday, Gene Leon, IMF mission chief for Nigeria, said the Nigerian government has acknowledged the need for reforms, but must implement its reform plans."The Nigerian economy has been hit by lower oil prices and lower production [...]

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    Buhari needs stronger policies to hit recovery targets, says IMF

Buhari needs stronger policies to hit recovery targets, says IMF

The International Monetary Fund (IMF) says the President Muhammadu Buhari led government needs stronger policies in order to deliver on the objectives set by its Economic Recovery and Growth Plan (ERGP).The IMF, which just concluded  its Article IV consultation with Nigeria, said Buhari's recovery plan was a welcomed development for Nigeria, but stated the need to raise taxes, and eliminate subsidies. "Executive Directors [...]

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    IMF’s warning weighs heavily on sentiment in Nigeria

IMF’s warning weighs heavily on sentiment in Nigeria

The improving sentiment towards the Nigerian economy was dealt a heavy blow in March following reports of the International Monetary Fund’s (IMF) warning of a potential economic collapse if the nation failed to move ahead with reforms.Although at the start of the year the economic outlook was elevated on repeated occasion with even the World Bank predicting an encouraging [...]

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    Lagarde: Global economy at a turning point…we must unlock Africa

Lagarde: Global economy at a turning point…we must unlock Africa

Christine Lagarde, managing director of International Monetary Fund (IMF), says the global economy has reached a turning point and must unlock opportunities in Africa.Lagarde said this, while addressing finance ministers from the G20 in Germany over the weekend.“Our meeting showed once again that the G20 provides a critical platform for major economies to work together within an established framework. We [...]

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    Presidency: Economy defied IMF in 2016, slipped by only 1.5%

Presidency: Economy defied IMF in 2016, slipped by only 1.5%

The office of the vice-president on Tuesday said in 2016, the Nigerian economy performed better than the International Monetary Fund (IMF) projected . According to Adeyemi Dipeolu, presidential adviser on economic matters, the recently released data from the National Bureau of Statistics (NBS) showed that gross domestic product (GDP) contracted by 1.30% in the fourth quarter of 2016"."This translated into an [...]

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    IMF: Nigeria needs credible policies before 2019 elections

IMF: Nigeria needs credible policies before 2019 elections

The International Monetary Fund (IMF) says Nigeria's window for bold reforms is gradually closing, and the country needs coherent and credible policies before 2019 elections."On Nigeria, it is currently facing a challenging outlook. As we have said before, the authorities have initiated some measures, but more remains to be done," Gerry Rice, IMF director of communications, said at a press [...]

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    Adeosun: IMF is not bad, but we don’t need their loan

Adeosun: IMF is not bad, but we don’t need their loan

Kemi Adeosun, minister of finance, says the International Monetary Fund (IMF) is not bad, but Nigeria does not need the fund's borrowing programme.In an interview with CNBC Africa,  Adeosun said the IMF loan programme has made a "huge national debate," but the country see IMF as its last resort."For us, the IMF is really lender of last resort when you have [...]

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    Lagarde: 7 in 10 households lack electricity in sub-Saharan Africa

Lagarde: 7 in 10 households lack electricity in sub-Saharan Africa

Christine Lagarde, managing director of the International Monetary Fund (IMF), says only a third (33 percent) of households in sub-Saharan Africa have electricity.In context, approximately seven in 10 (66 percent) sub-Sahara African households lack access to electricity.The IMF boss, who is currently visiting Central African Republic (CAR), Uganda, and Mauritius, said poverty has been on the decline in Africa, but inequality [...]

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    IMF less optimistic than World Bank, says Nigeria’s GDP will grow by 0.8% in 2017

IMF less optimistic than World Bank, says Nigeria’s GDP will grow by 0.8% in 2017

A week after the World Bank projected Nigeria's gross domestic product (GDP) to grow by one percent in 2017, the International Monetary Fund (IMF) has put up a less optimistic outlook.Earlier, the federal government, had said Nigeria's GDP will grow at three percent in 2017, surging by 4.26 percent in 2018.But according to IMF's World Economic Outlook (WEO) report, Nigeria's [...]

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Exchange Rates

September 14, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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