IMF
Nigeria to benefit as G-20 approves extension of debt relief
Finance ministers of G-20 countries have approved an extension of debt relief for the world’s poorest nations till December 2021. David Malpass, World Bank president, made the announcement at the virtual spring meeting, on Wednesday. TheCable had earlier reported that the G-20 countries will meet this week to consider an extension of the debt freeze. The G-20, is a group of finance ministers and central bank governors from 19 of the world’s largest economies, including those of many developing nations, along with the European Union. G-20 countries had established a debt service suspension initiative (DSSI) which took effect in May 2020. Nigeria had benefited from the initiative which delivered about $5 billion in relief to more than 40 eligible countries. The suspension period which was or...
Energy firms’ bank debts rise to N5.94 trillion
The debts owed to Nigerian banks by oil and gas operators as well as power companies in the country rose to N5.94tn at the end of 2020 from N5.25tn in December 2019. The N5.94tn represents 29.16 per cent of the N20.37tn loans advanced to the private sector by the banks as of December, according to the sectoral analysis of banks’ credit by the Central Bank of Nigeria. Oil and gas firms, which received the biggest share of the credit from the banks, increased their debt by N600bn to N5.18tn in December 2020 from N4.58tn in December 2019. The debt owed by power firms to the banks rose to N763.22bn in December 2020 from N671.45bn in December 2019, the CBN data showed. Oil firms operating in the downstream, natural gas and crude oil refining subsectors owed N393tn as of December, up from N3.42t...
Nigerian government approves new debt management strategy
The Federal Executive Council (FEC) has approved a new Medium-Term Debt Management Strategy for Nigeria (MTDS) for the period 2020-2023. With the approval, announced during Wednesday’s virtual FEC meeting, the DMO which is saddled with managing the nation’s debt matters, has promised full implementation to support economic development while ensuring that public debt is sustainable. The MTDS is a policy document which provides a guide to the borrowing activities of the government in the medium-term, usually four years. It is recognised as one of the best practices in public debt management and is recommended by the World Bank and International Monetary Fund (IMF) to ensure that public debt management is driven by a well-articulated strategy that is structured to meet a country’s broader mac...
Jordan’s monarch dissolves parliament ahead of November election
Election comes amid popular discontent over economic woes worsened by COVID-19 and corruption allegations. Jordan’s King Abdullah has dissolved parliament, paving the way for an election in November. Under constitutional rules, the government must resign within a week. In July, Jordan’s electoral commission set November 10 as the date for a parliamentary election after the monarch called for countrywide polls to be held at the end of the parliament’s four-year term. The king issued a royal edict ordering the dissolution of parliament effective on Sunday. The assembly comprises 130 legislators, mainly pro-government tribal officials, businessmen and ex-security officials. The move is likely to be followed by a wider government shake-up to ward off popular disenchantment over economic hardsh...
NIPC: Shoprite move an opportunity for Nigerian investors
The announcement by Shoprite Holdings Limited, the South African supermarket chain operator, of a formal process to consider the potential sale of all or a majority stake in its Retail Supermarkets Nigeria Limited may be an opporunity for Nigerian investors, the Nigerian Investment Promotion Commission (NIPC) has said. The post NIPC: Shoprite move an opportunity for Nigerian investors appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Ugandan to lose $1.6 billion in tourism earnings as a result of coronavirus
Uganda will lose $1.6 billion a year in earnings from tourism as visitors stay away due to the impact of the coronavirus, President Yoweri Museveni said. Tourism is one of Uganda’s economic mainstays as the east African country attracts visitors to see a range of game including lions, giraffes, buffalos and others that roam its savannahs. Others are drawn by the mountain gorillas in forest in the southwest of the country on the border with Democratic Republic of Congo and Rwanda. “Already Ugandan will lose 1.6 billion dollars per annum from the loss of tourism,” Museveni said in a speech late on Monday referring to the impact of COVID-19 on the economy. The president did not say what time frame he was referring to. Latest available data from the country’s statistics’ office shows Uganda ea...
Presidency: Nothing wrong with taking more loans
There is nothing wrong in taking more loans to finance specific projects, the Presidency said on Sunday. It urged those criticising efforts in borrowing to develop the country, to desist. Presidential spokesman Femi Adesina said Nigeria has more capacity to accommodate loans. He spoke while featuring on Southwest Political Circuit, a popular political interview programme on Ibadan-based radio station, Fresh F.M. Adesina called from his Aso Rock office to take questions on aspects of COVID-19 management and economic issues. He said that there was no need for Nigerians to raise concern about the country’s rising debt profile because the President Muhammadu Buhari administration is applying loans to the specific projects they are meant for. Although he pointed out that the huge debt, which th...
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