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Zimbabwe Central Bank Freezes Accounts Over Illegal Foreign Transfers
30 bank accounts has been frozen by the Central Bank Of Zimbabwe for illegally exchanging foreign currency through mobile phones and social networks, according to an official statement on Tuesday. The apex bank said it had identified 30 people “abusing mobile telecommunication services and other social media platforms” for “illegal foreign exchange transactions and money…
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Tanzania Secures Nearly $600M From IMF For COVID Relief
Tanzania would receive $567m from the International Monetary Fund for emergency support to finance a COVID-19 vaccination campaign and meet the health and social costs of the pandemic, according to an IMF statement. The IMF board approved on Tuesday a disbursement of $189m to Tanzania under its Rapid Credit Facility (RCF), as well as $378m…
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Nigeria Entitled To $3.35bn In IMF Rights Allocation
The Managing Director of the International Monetary Fund, Ms Kristalina Georgieva, has said that the organisation has begun to allocate Special Drawing Rights of about $650 billion. This was contained in a press statement on the IMF website where she was quoted saying, “The largest allocation of Special Drawing Rights in history – about $650bn…
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ANALYSIS: The Slow Rise To Recovery
Nigeria might be gradually taking steps towards achieving the 2021’s projection by the International Monetary Fund, as the latest figure on the Gross Domestic Product shows a slight increase by 0.15 percent within three months. The National Bureau of Statistics published that the GDP real terms growth is the second consecutive growth after the negative…
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Expert: Nigeria’s Economy Can Grow Up By To 10% Annually
The former Director, Budgeting Department, Central Bank of Nigeria,Dr Titus Okunrounmu, says Nigeria’s economy can grow by between seven percent and 10 percent annually if the necessary measures are put in place. Okunrounmu made the projection reacting to the International Monetary Fund projection that Nigeria’s economy would grow by 2.5 per cent in 2021. The…
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IMF Projects 2.5% Growth For Nigeria Economy
The International Monetary Fund has raised Nigeria’s growth forecast for 2021 to 2.5 percent from 1.5 per cent earlier announced in January. The report also projected a 16 per cent consumer price for the country in 2021. IMF disclosed this in its World Economic Outlook for April with the theme ‘Managing divergent recoveries’, projecting an…
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Kenya To Receive $2.34 Billion Package From IMF
The International Monetary Fund Board has approved about US$2.34 billion financial package for Kenya to support a move that is expected to mitigate the effect of a worsening health and economic crisis in the African state. The three-year ECF and EFF arrangements would also advance the broader reform and governance agenda, including addressing weaknesses in some state-owned…
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GDP Growth: IMF To Revise Nigeria’s 2021 Forecast
The International Monetary Fund has said that it may revise its 2021 outlook for Nigeria’s economy upwards from 1.5 percent it projected earlier. IMF said the revision would come the next round of its projection this April given recent positive developments in the economy. The IMF had projected that Nigeria’s economy would grow by 1.5…
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IMF Predicts Weak Recovery For Nigeria’s Economy
The International Monetary Fund has said Nigeria’s recovery from the impact of the COVID-19 is expected to be weak and gradual under current policies. IMF added that the country’s real Gross Domestic Product is expected to recover to its pre-pandemic level only in 2022. In the report titled “IMF executive board concludes 2020 Article IV…