Economist advises FG to be wary of IMF loan conditions

Christine Lagarde, IMF MD

An economist, Prof. Akpan Ekpo has advised the Federal Government to critically examine loan conditions of the International Monetary Fund (IMF) before consenting to the offer.

Ekpo, the Director-General, West African Institute for Financial and Economic Management (WAIFEM) gave the advice ) in Abuja on Monday.

He said that the interest-free loan offer of the IMF usually had conditions which needed to be scrutinized.

According to him, ìf there are no hidden catches, the country should take advantage of the attractive concessionary rates and long term repayment period.

“I think Nigeria should take advantage of it if she is still allowed to borrow as a low-income country.

“President Muhammadu Buhari has approved that the country can borrow externally to fund capital projects to either get the country out of the recession or minimize the adverse impact of the crisis.

“I hope Nigeria as a middle-income country is still within the grace period as a low-income country.”

The IMF had, in a declaration under the theme `We Can End Poverty Together, Global Problem and Global Solutions,’ announced low interest rate on all its concessional facilities until 2018.

Christine Largarde, Managing Director of the IMF had stated: “If we want to address the inequality issues around the world, we need to have a strong international safety net.

“In this context, I am pleased to note that our board has approved zero interest rates on all fund concessional facilities until 2018.

“This is really important for low-income countries to be able to actually absorb the shocks without necessarily going to the international markets or relying on bilateral lending that can be far expensive,” she said.

Comments

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...

Houthis Claim Attack on Central Israel in Response to Gaza ‘Massacres’

The ongoing conflict between Israel and Hamas has taken a concerning regional turn as the Houthi rebels in Yemen claimed responsibility for an attack on central Israel. The group announced this as part of their escalating response to what they describe as "massacres" in Gaza amid the Israeli military’s operations in the strip. Details of the Attack The Houthis, a Shiite militant group with ties to Iran, declared that they launched missile and drone strikes targeting Israel. While the exact impact of these attacks remains unclear, reports suggest that Israel’s defense systems intercepted several threats over its airspace. This marks a significant escalation as the Houthis widen their involvement in the conflict beyond their typical operations within Yemen and neighboring Saudi Arabia. The Houthis’ Justification In their statement, the Houthis framed the attack as retaliation for Israel’s military actions in Gaza, which they characterized as indiscriminate bombings resultin...

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...

Global Naija Info

Search This Blog