Category: Worldbank
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IMF taps Jamaica finance minister for deputy role
The International Monetary Fund on Monday named Jamaican Finance Minister Nigel Clarke to a top post at the agency, after the official spearheaded fiscal reforms in the Caribbean nation. Clarke, nominated by IMF Managing Director Kristalina Georgieva, is set to replace Antoinette Sayeh as one of the IMF’s three deputy managing directors at the end…
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IMF sets strict conditions for Ethiopia’s economic rescue package
The International Monetary Fund has outlined a series of demanding conditions for the Ethiopian government to access funds under its Extended Credit Facility (ECF) program. According to the organization, these conditions are intended to guide Ethiopia towards economic stability but come with critical deadlines and potential consequences for non-compliance. Here are some of the key…
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Burkina Faso, President Traoré rejects IMF Loans
The President of Burkina Faso has rejected IMF loans saying “Africa doesn’t need the World Bank, IMF, Europe, or America. We have what it takes to grow our economy without loans and refuse to be financial slaves.” One of the key reasons cited for rejecting the IMF’s assistance is the belief that such aid could…
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Three-quarters of African Governments are Tightening their Belts
Africa has been through painful bouts of austerity before, with damaging effects on health and education. The IMF examined 82 instances of African governments reducing deficits between 1980 and 2021. About a quarter of the adjustments came from tax rises, and three-quarters from spending cuts. But this time governments plan to have an even split.…
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Ethiopia secures $1.5 billion loan from World Bank support for ongoing economic reforms
The agreement, announced on Tuesday, includes a $1 billion grant and a $500 million loan, representing a significant step in the long-standing partnership between Ethiopia and the World Bank, according to the finance ministry. The deal was signed by Ethiopian Finance Minister Ato Ahmed Shide and Maryam Salim, World Bank Country Director for Ethiopia, Eritrea,…
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IMF slashes Botswana’s 2024 growth forecast amid diamond market woes
The International Monetary Fund (IMF) has slashed Botswana’s 2024 growth forecast to 1% from an earlier April estimate of 3.6% due mainly to lower diamond production, it said in a statement. The budget deficit is also expected to widen to 6% from 3.45% due to a fall in mineral revenues, the IMF said, urging the…
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OUTGOING WORLD BANK COUNTRY DIRECTOR APPLAUDS NIGERIA’S ECONOMIC PROGRESS
The departing World Bank Country Director, Dr. Shubham Chaudhari, commended Nigeria for its proactive approach and strong efforts in bolstering monetary policies and promoting sustainable economic growth despite significant challenges. During a gathering in Abuja hosted by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Chaudhari expressed readiness for further…
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IMF directly financing terrorism by aiding Ukraine, agency’s director for Russia says
“The fund is directly financing terrorism by providing support to Ukraine,” the International Monetary Fund (IMF) Executive Director for Russia, Aleksei Mozhin told Mozhin pointed out that he had repeatedly raised the issue during the meetings of the IMF Board of Directors. The IMF’s loans to Ukraine mainly allow it to close the old ones, and there…
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Egypt to receive first tranche of expanded IMF loan next week
🇪🇬 Egypt will receive the first tranche of an expanded loan agreement with the International Monetary Fund (IMF) next week, Prime Minister Mostafa Madbouly said. Madbouly did not specify the figure, but the IMF said on Friday the expanded $8 billion financial support program enables the immediate release of $820 million. The agreement expands a…
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IMF mission on visit to Ethiopia finance ministry official said.
💰🇪🇹 An International Monetary Fund staff mission is in Ethiopia, a senior finance ministry official said on Thursday. Last month, IMF spokesperson Julie Kozack had said the fund would send a mission to Ethiopia to discuss its request for a loan programme. In December, the Paris Club of developed creditor nations said Ethiopia’s agreement with…
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