Socio-Economic Rights and Accountability Project (SERAP) has urged the World Bank President Mr David Malpass to use his “good offices to suspend any disbursement of the $800m loan to the Federal Government and to request the incoming administration to provide satisfactory explanations for the loan.” SERAP urges Mr Malpass and …
Read More »Fuel Subsidy: Buhari Writes Senate, Requests $800m World Bank Loan
President Muhammadu Buhari has sent a letter to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal. This follows the Federal Government’s April announcement of an $800 million World Bank grant targeting 50 million …
Read More »Join BRICS, break the yoke of Dollar Dominance-Falana urges FG
Human rights activist, Femi Falana has urged the Federal Government to renew its currency swap with China to revitalise Nigeria’s comatose economy. Falana also accused the International Monetary Fund (IMF) and the World Bank of conniving with the Central Bank of Nigeria to exasperate currency swap with China by promoting …
Read More »Ajay Banga Selected 14th President of the World Bank
Executive Directors of the World Bank today selected Ajay Banga as President of the World Bank for a five-year term beginning June 2, 2023. Ajay Banga most recently served as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, a global organization with nearly 24,000 employees. …
Read More »World Bank advises Nigeria to unify the nation’s multiple exchange rate
The World Bank has advised the Nigerian Government to unify the nation’s multiple exchange rate windows and carry out a number of other reforms to strengthen the economy and restore macroeconomic stability.In its latest Macro Poverty Outlook for Nigeria: April 2023, the bank said implementing economic reforms in the non-oil …
Read More »IMF, World Bank propose solution to debt restructuring hurdles
The World Bank will push to resolve the mounting debt problems of poor countries.Along with the International Monetary Fund (IMF), the World Bank will present concrete proposals to address some of the biggest restructuring roadblocks at the ongoing Spring Meetings, President David Malpass said in a blog post on Sunday.It …
Read More »Nigeria exited recession faster than we expected—World Bank
Babajide Iletogun The World Bank has said Nigeria’s exit from recession in the fourth quarter of last year was faster than it expected. Nigeria slipped into recession in the second quarter of 2020 amid the economic fallout of the COVID-19 pandemic but emerged from it in the fourth quarter. The …
Read More »China’s Share in Poor Countries’ Debt to G20 Reached 63%
China now holds 63% of poor countries’ debt to the G20. The information was revealed this week by the World Bank in its new International Debt Statistics (IDS) report. According to the institution, the Chinese share in the debt has been steadily increasing in recent years. In 2013, it was …
Read More »World Bank Says 40million Africans at Risk of Aject Poverty in 2020
The coronavirus pandemic could push up to 40 million Africans into extreme poverty this year, the World Bank has warned. The institution said the advent of such a scenario would undermine at least five years of progress in fighting poverty in Africa. According to the World Bank, growth in Sub-Saharan …
Read More »80% of Energy Subsidies in Nigeria Nenefit the Rich–World Bank
In Nigeria, 80% of government subsidies to the electricity sector benefit the rich at the expense of the poor, who capture only 2%. According to the World Bank, since 2017, the federal government has borrowed 1.3 trillion naira ($3.38 billion) from the Central Bank of Nigeria (CBN) to make up …
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