Nigeria News

COVID-19 consumes $19.5 b – IMF

November 16, 2020

IMF

Says 2020: A Year Like No Other- IMF

Emma Ujah, Abuja Bureau Chief

The International Monetary Fund (IMF) revealed yesterday, that world leaders committed about $19.5 billion to tackle the COVID-19 pandemic and its effects on the people.

IMF said that the funds put into the fight against the pandemic consisted of nearly $12 trillion in fiscal actions and about $7.5 trillion in monetary actions.

The global body in its 2020 Annual Report described 2020 as, “a Year Like No Other”, as it noted the current deep global economic recession with the ongoing impact of COVID-19.

It said, “Uncertainty remains around the outlook, alongside long-term forces that shape and influence countries’ response to the virus and the recovery.

back link building services=0></a></div><h2>READ ALSO:<span><a href=https://www.vanguardngr.com/2020/11/asuu-strike-its-dangerous-to-leave-young-people-at-home-ize-iyamu-warns/ >ASUU Strike: It’s dangerous to leave young people at home – Ize-Iyamu warns</a></span><br/></h2><p><span data-preserver-spaces=true>“People all over the world have seen profound changes in their lives: economic recession, unemployment, climate change, technology and the automation of jobs, the rise of digital currencies, lower returns on their savings, and rising inequality and debt.</span></p><p><span data-preserver-spaces=true>“As the world faces a crisis like no other, the IMF and its members have swung into action. National governments took bold steps to save lives and put a floor under the world economy, with nearly $12 trillion in fiscal actions and about $7.5 trillion in monetary actions.”</span></p><p><span data-preserver-spaces=true>The IMF said that the on-going crisis, however, offered opportunities to build a better future for everyone, adding, “working together in good faith and with shared goals can yield the solution to our most pressing problems, restore leadership and trust in institutions, and create a recovery that builds a global economy to serve everyone.”</span></p><p><span data-preserver-spaces=true>The fund’s Managing Director, Kristalina Georgieva, said that the IMF package of measures endorsed as part of the quota review approved by the Board of Governors in February 2020 preserved its financial firepower.</span></p><p><span data-preserver-spaces=true>“These measures include the doubling of the New Arrangements to Borrow and a new round of bilateral borrowing arrangements, which are expected to be effective in January 2021,” she said.</span></p><div class='code-block code-block-5' style='margin: 8px 0; clear: both;'> <a href=https://www.adhang.com/guest-posting-services/ ><img class=lazy src=

Osimhen’s burning desires and Chelle’s demands, by Patrick Omorodion

Osimhen’s burning desires and Chelle’s demands, by Patrick Omorodion

Obasa: Tinubu’s Abuja meeting fails to calm Lagos Assembly impasse as crisis deepens

Obasa: Tinubu’s Abuja meeting fails to calm Lagos Assembly impasse as crisis deepens

Impeachment: I won’t stop lawmakers from performing constitutional duty on Fubara — Wike

Impeachment: I won’t stop lawmakers from performing constitutional duty on Fubara — Wike