IMF

Inflation Surge Global Recession Imminent, IMF Warns

Inflation Surge: Global Recession Imminent, IMF Warns

July 27, 2022 3:21 am

Surging inflation and severe meltdowns in the United States and China on Tuesday pushed the International Monetary Fund, IMF to downgrade its outlook for the global economy this year and next, while giving an even grimmer assessment of what may lie ahead.

‘The outlook has darkened significantly since April,” said IMF chief economist Pierre-Olivier Gourinchas. ‘The world may soon be teetering on the edge of a global recession, only two years after the last one.’

‘The world’s three largest economies, the United States, China, and the euro area are stalling with important consequences for the global outlook,’ he said …

Ukraine's Economy Could Collapse If War Continues – IMF

Ukraine’s Economy Could Collapse If War Continues – IMF

March 15, 2022 5:16 am

The International Monetary Fund (IMF) on Monday stated that although at the moment, Ukraine’s government has continued to function, the banking system have remained stable and debt payments appear viable, however the Russian invasion could plunge the country into a devastating recession in the coming weeks.

The international financial body also warned that the war could have broader repercussions, including threatening global food security due to rising prices and the inability to plant crops, especially wheat.

At a minimum the country would see ‘output falling 10 percent this year assuming a prompt resolution of the war,’ the IMF said in …

Ignore Protests, Remove PMS Subsidy, IMF Advises FG

Ignore Protests, Remove PMS Subsidy, IMF Advises FG

February 23, 2022 4:34 am

In the wake of the controversies surrounding the removal of fuel subsidy, International Monetary Fund (IMF) has insisted that the removal of fuel subsidy remains the panacea to Nigeria’s economic recovery.

In its World Economic Outlook report, IMF executive directors urged the government to  devise means ofcompensating the poor, stressing that the saved resources should be transparently utilised.

‘Directors highlighted the urgency of fiscal consolidation to create policy space and reduce debt sustainability risks.

In this regard, they called for significant domestic revenue mobilisation, including by further increasing the value-added tax rate, improving tax compliance, and rationalising tax …

Kenyans Writes IMF To Stop Loaning Their Country

Kenyans Writes IMF To Stop Loaning Their Country

April 6, 2021 4:51 am

Kenyans have begun signing an online petition asking the International Monetary Fund (IMF) not to allow their Government the opportunity to borrow more loans citing corruption.

Kenyans have circulated the online petition link through the hashtag #StopLoaningKenya, while also giving more reasons why no more lending should occur.

The discussion started days after IMF approved a 257B Kenyan shillings ($2.4bn;£1.7bn) loan for Kenya to aid in the Covid-19 response.

Read Also: G20 Reacts To Bill Gate’s Call To Fund COVID-19 Battle

Kenya’s public debt has grown by more than 1 trillion shillings in the last year.

Kenyans online have …

Breaking - IMF Approves $3.4b Loan For Nigeria

Breaking: IMF Approves $3.4b Loan For Nigeria

April 29, 2020 7:45 am

The International Monetary Fund (IMF) has approved Nigeria’s request for $3.4 billion loan to fight the devastating effect of the COVID-19.

The loan, which has a maximum repayment period of five years was approved by the Fund’s board Tuesday.

The emergency financial assistance was approved under the Rapid Financing Instrument to support the authorities’ efforts in addressing the severe economic impact of the COVID-19 shock and the sharp fall in oil prices.

It will also assist Nigeria to meet the urgent balance of payment needs stemming from the COVID-19 pandemic.

Read Also: IMF May Approve Nigeria’s $3.4 Billion Loan Today

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Nigeria To Experience Worse Recession In 31 Years – IMF

Nigeria To Experience Worse Recession In 31 Years – IMF

April 14, 2020 1:04 pm
The International Monetary Fund, IMF has projected that Nigeria’s economy will face the worst recession in 30 years.

IMF stated further that Nigeria’s economy will recede by 3% in 2020 due to the Coronavirus pandemic, which has disrupted global supply chains.

It noted that this would be the worst recession in 30 years for the West African giant after a negative economic growth of 1.51% in 2016.

Read Also: IMF Appoints Okonjo-Iweala Into Advisory Group

Recall that Nigeria’s economy receded in 1987, by -10.87 and -0.6 in 1991.

The projection was part of IMF’s April 2020 World Economic Outlook report

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Coronavirus Puts ‘Fragile’ Global Recovery At Risk

February 23, 2020 4:38 pm

The deadly coronavirus epidemic could put an already fragile global economic recovery at risk, the IMF warned Sunday, as G20 financial chiefs voiced “real concern” over its economic ripple effects.

Global growth was poised for a modest rebound to 3.3 percent this year, up from 2.9 percent last year, International Monetary Fund chief Kristalina Georgieva said after a two-day meeting of G20 finance ministers and central bank governors in Riyadh.

But the projected recovery was “fragile”, she warned, amid global alarm over the spread of the new virus across multiple countries even as Chinese authorities lock down millions of people …

International Monetary Fund managing director Kristalina Georgieva at the Global Women's Forum in Dubai

Coronavirus Could Damage Global Growth In 2020: IMF

February 17, 2020 1:05 pm

The coronavirus epidemic could damage global economic growth this year, the IMF head said Sunday, but a sharp and rapid economic rebound could follow.

“There may be a cut that we are still hoping would be in the 0.1-0.2 percentage space,” the managing director of the International Monetary Fund, Kristalina Georgieva, told the Global Women’s Forum in Dubai.

She said the full impact of the spreading disease that has already killed more than 1,600 people would depend on how quickly it was contained.

“I advise everybody not to jump to premature conclusions. There is still a great deal of uncertainty. …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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