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IMF sees Nigeria GDP growing 3.4% in 2022, inflation staying high

IMF sees Nigeria GDP growing 3.4% in 2022, inflation staying high

NIGERIA’S real GDP growth is broadening to all sectors except oil but inflation remains elevated, the International Monetary Fund said after a team held meetings with the Nigerian authorities from June 6 to 10. “Regarding the economic outlook, GDP growth is projected at 3.4 percent (y/y) in 2022 while inflation is expected to remain elevated,” the IMF said in a statement. 
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Sudan needs credible government in place to receive aid, western officials says

Sudan needs credible government in place to receive aid, western officials says

INTERNATIONAL financial support for Sudan, including debt relief, can only follow the establishment of a credible civilian government, senior officials from major western nations said. Without that support, Sudan might lose billions of dollars in development assistance from the World Bank, the officials from France, Germany, Norway, Britain, the United States and the European Union said in a joint statement after a visit to Khartoum. Sudan's IMF programme and $19 billion in associated debt relief would also be imperilled, they said.
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“Ghana will resolve debt without IMF”

“Ghana will resolve debt without IMF”

COOPER INVEEN GHANA is committed to managing its debt without assistance from the International Monetary Fund (IMF), Finance Minister Ken Ofori-Atta said, expressing his confidence that government measures were moving the country in the right direction. Ghana's total public debt, which stood at about 77% of its gross domestic product at the end of 2021, according to government data, has pushed one of West Africa's largest economies to the brink of crisis. The government in March announced a raft of spending cuts to tackle inflation, reduce the public deficit, restore a depreciating local currency and reassure spooked investors. Ghana's Minister…
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COVID-19 exposed Kenya’s debt vulnerability though measures helped – IMF

COVID-19 exposed Kenya’s debt vulnerability though measures helped – IMF

OMAR MOHAMMED COVID-19 has exposed Kenya's debt vulnerabilities though official measures including monetary policy easing have helped shield the economy from the impact of the pandemic, the International Monetary Fund (IMF) said late on Friday. The Fund said it hoped a deal on a new lending facility for Kenya could be presented to its board in early 2021, noting that economic activity in the East African country was starting to pick up despite a drag from sectors such as tourism. Measures including lowering interest rates, letting lenders restructure some loans, targeted tax cuts, and programmes to help vulnerable families had…
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IMF approves $171.9 mln to Madagascar to address COVID-19 pandemic

IMF approves $171.9 mln to Madagascar to address COVID-19 pandemic

THE International Monetary Fund (IMF) has approved $171.9 million of funding to Madagascar, bringing the total COVID-19 emergency support to the country to $337.9 million. "This is the second emergency disbursement since the onset of the pandemic and will help finance the country's urgent balance of payments and fiscal needs," the IMF said in a statement. - Thomson Reuters Foundation ADVERTISEMENT
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Africa needs $12 billion for vaccines

Africa needs $12 billion for vaccines

THE World Bank estimates that Africa would need about $12 billion for COVID-19 vaccines and their distribution to attain sufficient levels of vaccination coverage to interrupt virus transmission, according to new paper by the bank and the IMF. The paper argued for a further extension of the Group of 20's debt service moratorium through year-end, noting the continued high liquidity needs of developing countries and their deteriorating debt sustainability outlooks. It said the amount of money Africa needed to interrupt transmission of the virus was about the same as the total amount of official debt service payments already deferred by…
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Cut the debt of poor countries, Pope tells IMF, World Bank

Cut the debt of poor countries, Pope tells IMF, World Bank

POPE Francis has told world financial chiefs that poor countries hit by the economic impact of the coronavirus need to have their debt burden reduced and be given a greater say in global decision making. In a letter to the participants of the International Monetary Fund and World Bank's annual spring meeting, the pope said the pandemic had forced the world to come to terms with interrelated socio-economic, ecological, and political crises. "The notion of recovery cannot be content to a return to an unequal and unsustainable model of economic and social life, where a tiny minority of the world's…
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