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IMF Ranks Nigeria 1st in Africa, 26th in the world

Nigeria stands as the number one country in Africa in the International Monetary Fund, IMF, 2020 World Economic Outlook’s ratings of countries. Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world in the same position with an average 442,976 million U.S. dollars. Countries are sorted …

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IMF Forrests Unprecedented Fiscal Deficit for Ghana

The International Monetary Fund (IMF) is predicting that Ghana’s fiscal deficit will reach 16.4 per cent of GDP this year, the largest in the country’s history. The record deficit projection comes on the back of the devastating effect of the coronavirus pandemic, which caused a huge shortfall in government’s revenues …

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IMF Woos Members to Tap Into Its US$1trn Lending Capacity

Multilateral development finance institutions on Wednesday pledged to continue to collaborate in their efforts to mitigate the adverse impact of the COVID-19 pandemic and accelerate the recovery of economies and livelihoods. The joint effort of the MDBs has seen a COVID-19 response envelope of about $230 billion. In addition, the …

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COVID-19: IMF Approves $1billion in funds for Angola

The International Monetary Fund said it had authorised an immediate $1 billion disbursement to Angola under an existing programme on Wednesday, and raised its overall access to funding by $765 million to help it contend with the coronavirus pandemic. The decision of the IMF Executive Board was made after the …

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IMF Mulls Upward Review of Growth Forecast for Kenya

The International Monetary Fund (IMF) will revise upwards its 2020 growth outlook for Kenya. This was announced on September 9 by Tobias Rasmussen, IMF Country Director for Kenya. While the institution predicted a negative growth of -0.3% for Kenya this year due to Covid-19, it has however seen a resilience …

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IMF Eases Access to Emergency Funds to Tackle poverty

The Executive Board of the International Monetary Fund (IMF) said it has approved an improvement in the access to emergency financing to help countries face the challenges stemming from the coronavirus crisis.In a statement issued on July 22, IMF announced that “on July 13, the Executive Board of the International …

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IMF Expects Sub-Saharan Africa to Drive Global Growth in 2020-21

Sub-Saharan Africa will remain a global growth driver over the 2020-21 period, according to the reviewed projections of the International Monetary Fund (IMF). The international body downgraded growth outlook for the region to -3.2% this year, against -1.6% initially. However, recovery is seen for next year with growth going positive …

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