Gita Gopinath, the IMF’s first deputy managing director, says that currencies other than the US dollar may start to dethrone other currencies. In one of the interviews with the Financial Times, IMF’s top official Gita made this statement. The ongoing Russia – Ukraine war has paved the way for fragmentation in the global financial system….
Akinwumi Adesina, president of the African Development Bank (AfDB), says the federal government must exercise restraint in tax increment. He said that the fact that the country’s tax to gross domestic product (GDP) ratio at 6.1 percent remained relatively low was not an excuse for incessant tax increase. The AfDB boss said this on Tuesday…
The International Monetary Fund (IMF) says there is a need to manage cyber security and operational risks associated with the eNaira, Nigeria’s new central bank digital currency (CBDC). IMF said the eNaira is expected to increase financial inclusion and facilitate remittances, but potential risks will need to be addressed. Jack Ree, an economist at the IMF’s African department,…
Chad’s economic and financial situation and its medium-term outlook have steadily deteriorated due to a series of lasting shocks since the onset of the pandemic, compounded by delays in donor support due to the crisis. ‘insufficient progress in debt treatment discussions. An International Monetary Fund (IMF) mission led by Edward Gemayel visited N’Djamena from October…
On September 15, the IMF Executive Board approved $67.38 million in funding under the Rapid Financing Instrument. This is an important first step in addressing a large financing gap in Equatorial Guinea arising from the twin shocks. In a conversation with IMF Country Focus, Valentin Ela Maye, Equatorial Guinea’s Minister of Finance, Economy and Planning, describes…
The Board of Governors of the International Monetary Fund, IMF, registered approval for a general allocation of Special Drawing Rights, SDRs, equivalent to US$650 billion (about SDR 456 billion) to boost global liquidity. This has created a fresh opportunity for Nigeria and other countries with liquidity challenges, to access IMF facilities, to enable them to…
By Philipp Engler, Roberto Piazza and Galen Sher Rapid vaccine rollout in the United States and passage of its $1.9 trillion fiscal stimulus package have boosted its expected economic recovery. In anticipation, longer-term US interest rates have risen rapidly, with the rate on 10-year Treasury securities going from under 1 percent at the start of…
By David Amaglobeli, Vitor Gaspar, and Paolo Mauro The COVID-19 pandemic is intensifying the vicious circle of inequality. To break this pattern and give everyone a fair shot at prosperity, governments need to improve access to basic public services—such as health care (including vaccination) and education—and strengthen redistributive policies. For most countries, this would require raising…
By Kristalina Georgieva, Federico J. Díez, Romain Duval, and Daniel Schwarz The crisis has hit small and medium enterprises especially hard, causing massive job losses and other economic scars. Among these—less noticeable, but also serious—is rising market power among dominant firms as they emerge even stronger while smaller rivals fall away. We know from experience…
