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WTO chief, Okojo-Iweala discusses relief programmes with Nigeria’s Tinubu (video)

Published

1 year ago

August 10, 2023

The Director-General of the World Trade organization, Ngozi Okojo-Iweala, on Tuesday, met Nigeria’s President Bola Tinubu to discuss possible economic support for Nigeria.

Although the meeting was held behind closed doors, Iweala stressed that her visit was not an official WTO engagement. She however revealed while briefing journalists after the session that she discussed the kinds of programmes that could be put in place to address the current economic hardship in the country.

“We had a really good conversation trying to look at on community and grassroots programmes that can be pit in place to create jobs for young people, trying to support women and children, who are bearing the brunt og the suffering in the country.”

In the last three months, President Bola Tinubu has driven economic reforms like the floating of the currency and the removal of fuel subsidy which have spiked the cost of living and put Nigeria’s economy on the edge, although experts have argued that the policies are capable of long-term gains.

Within the period, the Nigerian government has struggled to effect a holistic system of palliative measures for its citizens, although some plans were announced by President Tinubu in a nationwide address last week.

The WTO chief has twice served as Nigeria’s Finance Minister between 2003-2006 and 2011-2015 and briefly acted as Foreign Minister in 2006. It was under her second reign as FM that Nigeria first attempted the removal of fuel subsidy in 2012 but the Nigerian government under President Goodluck Jonathan at the time could not press through on the policy following mass protests and resistance by the public and the then opposition party.

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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

3 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.