IMF | NEWS RANGERS

Nigeria Facing Worsening Economic Disaster – IMF Report

LAGOS FEBRUARY 13TH (NEWSRANGERS)-The International Monetary Fund said Nigeria is facing a worsening economic crisis. The global lender stated this in a new report titled, “IMF Executive Board Concludes Post Financing Assessment with Nigeria.” According to the IMF, stalled per-capita growth, poverty, and high food insecurity have exacerbated the ongoing cost-of-living crisis in Nigeria. The […]

Feb 13 2024 | Posted in Business,National | Read More »

Economic Hardship: IMF Advises Nigeria Govt To Completely Phase Out Electricity Subsidy

LAGOS FEBRUARY 12TH (NEWSRANGERS)-The International Monetary Fund (IMF) has urged the Federal Government to completely phase out electricity subsidy in the country as a result of the hardship Nigerians are facing since the removal of fuel subsidy in May 2023. The Bretton Woods Institution made this recommendation as the mechanism for Nigeria to restore macroeconomic […]

Feb 12 2024 | Posted in National | Read More »

IMF Identifies Tanzania, Nigeria And Cameroon As 10 Least Indebted African Countries

LAGOS JANUARY 17TH (NEWSRANGERS)-The International Monetary Fund (IMF) identifies 10 African countries with manageable debt, shedding light on their economic stability. Nigeria stands out despite domestic concerns. Tanzania (41.8% Debt-to-GDP Ratio) Tanzania takes the lead among Africa’s least indebted nations with a debt-to-GDP ratio of 41.8%. The East African nation’s relatively low ratio indicates a […]

Jan 17 2024 | Posted in Business,National | Read More »

Nigeria Left With Almost No Money After Paying Interest On Debt

LAGOS APRIL 19TH (NEWSRANGERS)-Nigeria spent nearly all the revenues it earned last year servicing its debts, the World Bank said in a new report. Debt service as a proportion of government income increased to 96% in 2022 from 83% a year earlier, according to the World Bank. Low revenue and rising interest payments have left […]

Apr 19 2023 | Posted in Business,National | Read More »

IMF Insists On Fuel Subsidy Removal, Increase In VAT

LAGOS FEBRUARY 8TH (NEWSRANGERS)-The International Monetary Fund (IMF) has insisted on the removal of fuel subsidy by the Nigerian authorities. The position of the organization was contained in the Executive Board’s conclusion of the Article IV consultation with Nigeria report, which was released, yesterday. According to the Fund’s statement on the report, “Directors also urged […]

Feb 8 2022 | Posted in Business,National | Read More »

IMF Warns Of Risks After El Salvador Adopts Bitcoin As Legal Tender

LAGOS JUNE 11TH (NEWSRANGERS)-A spokesman for the IMF on Thursday warned of the risks of using bitcoin for day-to-day transactions after El Salvador, which is in negotiations for additional funds from the crisis lender, approved the cryptocurrency’s use. An IMF team is scheduled to meet with El Salvador’s President Nayib Bukele later Thursday as the […]

Jun 11 2021 | Posted in Business,International,National | Read More »

IMF Excludes Nigeria From Debt Relief

LAGOS APRIL 6TH (NEWSRANGERS)-Nigeria has been excluded from the list of 28 countries granted debt pardon by the Executive Board of the International Monetary Fund (IMF). The Board has approved a third tranche of grants for debt service relief for 28 member countries under the Catastrophe Containment and Relief Trust (CCRT). This approval followed two […]

Apr 6 2021 | Posted in Business,National | Read More »

IMF Approves $3.4bn Loan For Nigeria To Fight Coronavirus

LAGOS APRIL 29TH (NEWSRANGERS) -Nigeria’s request for $3.4 billion from the International Monetary Fund to fight the devastating effect of the COVID-19 has been approved. The loan which has a maximum repayment period of five years was approved by the Fund’s Executive Board Tuesday. The IMF in a statement said its Executive Board approved the […]

Apr 29 2020 | Posted in National | Read More »

Despite IMF Warning, Buhari Makes Fresh Request For $29.96bn Loan

LAGOS NOVEMBER 29TH (NEWSRANGERS)-President Muhammadu Buhari on Thursday re-sent the $29.96bn 2016-2018 external borrowing plan to the Senate for its consideration and approval. Buhari made the request a day after the International Monetary Fund warned Nigeria against rising debts. T he Debt Management Office has said out of Nigeria’s total debt profile of N25.7tn as […]

Nov 29 2019 | Posted in National | Read More »

IMF Predicts Ghana As World Fastest-Growing Economy In 2019

LAGOS APRIL 12TH (NEWSRANGERS)-Reports already predicted Ghana as the fastest-growing economy in the world this year, according to the IMF. The lender’s growth forecast of 8.8 per cent for the producer of cocoa, gold and oil dwarfs the 6.6 per cent median in a media survey. The West African country is expected to become the […]

Apr 12 2019 | Posted in Business,National | Read More »