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$298m Loan: AfDB, Development Partners Propel Somalia Back from the Brink

PRESS RELEASE The Bank’s current portfolio in Somalia totals $298 million, covering operations in agriculture, water and sanitation, transport, social and energy, and multi-sectoral projects In early 2020, Somalia, with support from the United Kingdom Government and the European Union, settled its arrears to the African Development Bank (, paving the way

COVID-19: Trump Offers Support as IMF Okays $3.4b Emergency Aid for Nigeria

Senator Iroegbu The United States President, Donald Trump, has called on his Nigerian counterpart, Muhammadu Buhari to offer support for the ongoing global fight against the novel Coronavirus (COVID-19) pandemic. This is coming as the International Monetary Fund (IMF) on Tuesday announced approval of $3.4 billion in emergency aid to Nigeria's COVID-19

IMF Warns Nigeria Against Inflationary Increase in 2020

Eric Ojo in Abuja The International Monetary Fund (IMF) has warned that in spite of the current operational tight monetary policy in Nigeria, inflation will likely pick up in 2020 following rising minimum wages and a higher Value Added Tax (VAT) rate. IMF said the revenue  initiatives planned under the 2020 budget,  including a

IMF boss, Christine Lagarde resigns

Managing Director of the International Monetary Fund, IMF, Christine Lagarde announced in a statement on Tuesday that she has submitted her resignation from the IMF and it will go into effect in September. “I have met with the Executive Board and submitted my resignation from the Fund with effect from September

US-China trade war will jeopardize 2019 global growth, IMF warns

The International Monetary Fund (IMF) warned Thursday that the escalating US-China trade war will “jeopardize” 2019 global growth, undermining confidence and raising prices for consumers. “Consumers in the US and China are unequivocally the losers from trade tensions,” Gita Gopinath, the International Monetary Fund’s chief economist, said in a blog post. She

Looming debt crisis in Africa: Myth or reality?

Brahima Sangafowa Coulibaly, Dhruv Gandhi, and Lemma Senbet Since 2013, debt in Africa has risen rapidly, with the median debt-to-GDP ratio as percent of GDP increasing to 53 percent in 2017. As a result, about one-third of the countries in sub-Saharan Africa are classified as being either in or at high risk of

The economics of conflict in Sub-Saharan Africa–IMF Podcast

Mahvash Saeed Qureshi A third of countries in sub-Saharan Africa are currently involved in conflict or experiencing post-conflict tension, forcing an estimated 18 million people away from their homes and livelihoods. The IMF’s latest Regional Economic Outlook for sub-Saharan Africa provides an in-depth analysis of conflict trends and the socio-economic challenges faced by

Focus on Africa: IMF warns Nigeria about Chinese debt

The IMF has urged Nigeria to curb its large appetite for Chinese loans as the country struggles with a €70 billion  debt burden. That’s up from €62 billion in 2017, representing a year-on-year growth of 12.25 per cent. Nigeria’s Nation newspaper leads with disturbing revelations the global lender at the ongoing IMF/World Bank Spring Meetings in