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IMF boss urges support for poorest countries

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Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) has called on the international community to support the world’s poorest countries.

Georgieva said this should be done by helping to close a funding gap facing the Poverty Reduction and Growth Trust ((PRGT), the Fund’s main instrument to support low-income countries with interest-free loans.

She said this at the High-Level Roundtable Discussion on Low-Income Countries’ Challenges and Concessional Financing at the World Bank/IMF 2023 Spring Meetings in Washington D.C.

Georgieva said that low-income countries had been impacted severely by multiple economic shocks in recent years.

She explained that these countries’ per-capita income was expected to rise at the slowest pace since 1990, hindering their aspirations to catch up with richer economies.

“This puts them in danger of further divergence unless we act,” she said.

Georgieva said since the start of the pandemic, the IMF had provided 24 billion dollars in support through the PRGT, alleviating people’s suffering and preventing instability from spreading beyond borders.

However, she said higher international interest rates had raised the cost of borrowing and increased the funding shortfall.

“As an urgent first step, what I call for is to close the subsidy gap by providing pledges of 1.6 billion dollars, and we need 4.7 billion dollars to close the loan resource gap.

“Remember, every one dollar of subsidy mobilises five dollars of zero-interest loans, and that is what countries rely on for us to be able to support them.

“We have to work together to close this gap and I have no doubt that we will be successful,” she said.

The News Agency of Nigeria (NAN) reports that the World Bank Group/IMF 2023 Spring Meeting opened on Monday in Washington DC and will end on April 16.

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Peter Obi Celebrates Pastor E.A Adebayo On His 82nd Birthday

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On behalf of my family, I sincerely rejoice and celebrate the Revered Servant of God and Father in Faith, Pastor Enoch Adeboye @PastorEAAdeboye , as he marks his 82nd birthday anniversary today.
Undoubtedly, Papa Adeboye has remained a source of inspiration to many.

His far-reaching influence on millions of people within and outside Nigeria is immeasurable. As a servant of God and shepherd of His flock, Papa Adeboye has continued to spread the gospel of brotherly love, unity, and peaceful coexistence among all.

I, therefore, join the entire Christendom, especially the Redeemed Christian Church of God, to celebrate his remarkable life of impact on the nation.

I pray God to grant him more healthy and fruitful years as he continues to pray for our dear nation and contribute towards our development, peace, and progress. -PO

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We Will Not Rest Until LP Takes Over Govt And Provide Quality Leadership – Abure

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The National Chairman of the Labour Party, LP, Julius Abure has vowed to ensure the party takes over power in Nigeria and provide quality leadership.

He spoke while addressing journalists in Umuahia, Abia State, following a meeting with Governor Alex Otti and members of the National Working Committee (NWC) of LP.

He said, “We will not rest until we are able to take over government and provide the people quality leadership that will work for the country.

“How do you reconcile a situation where we export crude oil only to import refined products at high costs. Nigeria’s problem is bad leadership, and once we get it right, every other thing will be fixed.

“Today, you can see that Nigeria is not moving as it should. A bag of rice sells for N120, 000 while minimum wage is N30,000. A tuber of yam that previously sold for N500 is now N1200.

“Life has become very difficult in Nigeria; security challenges are enormous; inflation is very high; unemployment is increasing, and people now find it increasingly difficult to feed. This is the reality in Nigeria today under APC Government.

“We will provide a leadership that will fight poverty and fight hunger; a leadership that will empathize with the people and liberate them.”

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