As some commentators recently noted, one of the strategic plans of BRICS, a group of nations that have come together with the aim of serving as a counterforce to the United Nations, UN and its subsidiaries known as Bretton Woods…
IMF board approves $3b deal for cash-strapped Pakistan
The International Monetary Fund (IMF) said Wednesday that it has approved a $3 billion loan agreement for Pakistan, unlocking crucial funding for the troubled South Asian economy. In a statement, the IMF said its executive board gave the green light…
Would Nigeria take IMF loan to cushion petrol and naira subsidy removal? — Magnus Onyibe
As I was in the process of releasing this piece into the mass media,the news broke that President Bola Tinubu had on Wednesday 12 July, put forward a request to the House of Representatives, HoR for N500 billion as extra…
Ukraine, IMF agree on $15.6b loan package
Ukraine and the International Monetary Fund have agreed on a $15.6 billion loan package aimed at shoring up government finances severely strained by Russia’s invasion and at leveraging even more support by reassuring allies that Ukraine is pursuing strong economic…
Sri Lanka to get first tranche of $2.9b bailout in two days: IMF
Sri Lanka will get the first $330m tranche of an International Monetary Fund (IMF) bailout package in the next two days, says the global lender, putting the onus on the cash-strapped country to rein in its debt to sustainable levels.…
UK expected to be only major economy to shrink in 2023 – IMF
The UK economy will shrink and perform worse than other advanced economies, including Russia, as the cost of living continues to hit households, the International Monetary Fund has said. The IMF said the economy will contract by 0.6% in 2023,…
Zambian president wants quick debt restructuring to aid recovery
President Hakainde Hichilema of Zambia has urged the country’s creditors on Monday to agree to a quick debt restructuring to aid economy recovery efforts. Zambia defaulted on its sovereign debt in 2020, becoming the first African country to do so…
G20 summit: Aid groups decry slow progress in fight against hunger, poverty
Aid organisations on Wednesday criticized G20 states for making insufficient progress on pledges to combat hunger and poverty in developing countries. Among other things, G20 members including Germany were criticised for failing to do more with so-called special drawing rights,…
UK finance minister cuts short US trip for emergency talks
The UK’s Chancellor of the Exchequer Kwasi Kwarteng was making an early return on Friday for urgent talks withPrime Minister Liz Truss about economic policy. The pair are scrambling to reassure markets and lawmakers after a September 23 tax-cutting “mini-budget”…
Pakistan: IMF to provide $1.1b amid catastrophic floods
The International Monetary Fund (IMF) has agreed to release $1.17 billion (€1.17 billion) in funds to the government of Pakistan as the country deals with a spiraling death toll and widespread destruction from floods that the government has deemed a…
