• Privacy Policy
  • Terms
  • About us
  • Contact Us
Tuesday, February 7, 2023
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Foreign

IMF moves to sustain growth in Africa

IMF

The Matters Press by The Matters Press
February 24, 2022
Reading Time: 2 mins read
0
IMF’s reasons for Nigeria’s economic recovery

The International Monetary Fund (IMF) has reported it would accelerate Special Drawing Rights (SDR) to ensure inclusive and sustainable growth in Africa.

RELATED POSTS

Agriculture accounts for 23.78% of GDP

3 ships discharge frozen fish at Lagos ports – NPA

NUPRC gazettes 5 oil industry regulations, completes 6 others

IMF’s Kristalina Georgieva said at the EU-AU Summit Roundtable on financing for sustainable and inclusive growth recently.

She noted that with $33 billion for African countries out of a $650 billion global allocation tilts the scale further from an inclusive growth for Africa.

She said: ” As the world emerges from an unprecedented crisis, all countries are struggling with challenges–but it is particularly true for Africa. Africa experienced a painful contraction in 2020. Since then, it has started growing again but for many countries growth falls short of what is needed.

ALSO READ  COVID-19 kills high profile Nigerian

“In both 2021 and 2022, Africa’s projected growth trailed the global average. And it ought to be the other way around. Africa should outperform the rest of the world—so countries can create jobs and lift up living standards. It is in this context that we at the IMF have taken unprecedented action to support our member countries, especially on the African continent. I like to say: we are stepping up with and for Africa.

“We have reformed our concessional lending framework. And here I want to recognize Prime Minister Magdalena Andersson of Sweden. Her leadership as chair of the International Monetary and Finance Committee (IMFC) helped us to increase access to IMF financing for African economies. And, as a result, last year we provided lending that was 13 times higher than the annual average of the previous decade.”

ALSO READ  Reduction of vessel berthing time excites ministry

She added: “We also moved quickly for a Special Drawing Rights (SDR) allocation. As has been acknowledged, it has helped Africa—but it has not helped enough. In some countries, it amounted to as much as 6 percent of their GDP, which is not at all trivial. But that said, $33 billion for African countries out of a $650 billion global allocation is clearly not where we want to be.

“So, we are moving to the next frontier which is large scale on-lending of SDRs—from countries that got them but don’t need them as much, to countries that need them most.”

She added that they have about $60 billion in pledges from G20 members and they urge more developed countries to pledge more.

ALSO READ  IMF research indicates covid.19 wreaks havoc on global supply chains

“For the first time in our history, the IMF will offer longer-term maturities and longer-term grace periods to support the structural transformation efforts of emerging market and developing economies.”

More

Tags: IMF
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria to rebase CPI, GDP
Economy/Technology

Agriculture accounts for 23.78% of GDP

February 7, 2023
Council seeks incentives to boost indigenous ship operations
Economy/Technology

3 ships discharge frozen fish at Lagos ports – NPA

February 7, 2023
Chevron, NNPC secure $1.4bn for drilling project
Economy/Technology

NUPRC gazettes 5 oil industry regulations, completes 6 others

February 7, 2023
Food shortage: Nigeria bans foreigners from direct purchase of produce from farmers
Economy/Technology

Food traders lament spoilage due to low patronage as banknotes crunch bites harder

February 7, 2023
FIRS deploys tech platform for tax collection
Economy/Technology

LIRS, FIRS sign pact on tax audit

February 7, 2023
Trading in Nigerian stock market dips further N83bn
Economy/Technology

Stock market extends gains by N81bn

February 7, 2023
Next Post
Kenya hits the globe for oil investment

Nigeria, Iraq praises OPEC on oil production

Nigeria regains top crude oil production spot in Africa

Russia, Ukraine crisis pushes oil prices up

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Nigeria regains top crude oil production spot in Africa

Buhari inaugurates 1bn barrel Kolmani oil reserves in N/East

November 22, 2022
Charles, Prince of Wales becomes King following Death of Queen

Charles, Prince of Wales becomes King following Death of Queen

September 9, 2022
Maritime workers begins strike July 3

Edo Inland Dry Port will boost economy

December 11, 2020

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Agriculture accounts for 23.78% of GDP
  • 3 ships discharge frozen fish at Lagos ports – NPA
  • NUPRC gazettes 5 oil industry regulations, completes 6 others

Categories

  • Economy/Technology
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?