Economy
World Bank, IMF Call for Debt Relief for Poor Countries to Stem Covid-19
By Mathew Dadiya, Abuja
The World Bank Group and the International Monetary Fund, Friday, urged official bilateral creditors to provide immediate debt relief to the poorest countries facing COVID-19.- This, the World Bank group and other international creditors believed would enable these 56 poor nations to prioritize their spending to curtailing the spread of the novel Coronavirus otherwise called Covid-19.
- World Bank Group President, David Malpass who joined the G20 Virtual Leaders Summit Friday, morning to highlight ongoing World Bank Group efforts to respond to the COVID-19 pandemic, said a final decision would be taken in April during the Spring meetings in Washington DC, United States.
- “We have new COVID-related projects underway in 56 countries and we’re encouraging other MDBs to co-finance follow-up tranches,” said Malpass. “In 24 countries, we’re restructuring existing projects in order to direct funds to the health emergency,” the World Bank President said.
- He added that private sector support is critical. “IFC, our private sector arm, is already working on new investments in 300 companies and extending trade finance and working capital lines to clients.Malpass said: “The World Bank Group has worked to take broad swift action to respond to the coronavirus pandemic.
- On March 17, our Board approved a $14 billion package, focused on the immediate health and social consequences of the outbreak. “We’re now finalizing an additional package that will focus on the broader economic consequences.
- “The goals are to shorten the time to recovery; create conditions for growth; support small and medium enterprises; and help protect the poor and vulnerable. Yesterday, I presented to our Board a program that could provide as much as $160 billion in financial support over the next 15 months. “As I was speaking, the crisis hit very close to home with the news that a former U.S. Executive Director Carole Brookins had just died of coronavirus. I’m particularly concerned about poor, densely populated countries such as India, where weak health systems need massively scalable investments in human capital, supplies and infrastructure. We are working hard to provide support through our public and private sector tools.“We have new COVID-related projects underway in 56 countries, and we’re encouraging other MDBs to co-finance follow-up tranches. In 24 countries, we’re restructuring existing projects in order to direct funds to the health emergency. Private sector support is critical. IFC, our private sector arm, is already working on new investments in 300 companies and extending trade finance and working capital lines to clients.“Regarding the proposals by some members, we can support the call for more funding for CEPI to finance vaccine development.“International cooperation is critical in these times. We’ve been working closely with the IMF and WHO, among others, to determine needs assessments of client countries.
- “The IMF Managing Director and I have convened heads of MDBs twice to discuss each institution’s response, specific opportunities for co-financing, procurement, and debt reduction. We’ll continue to push forward with the strongest possible international effort. Lastly, I want to highlight the importance of addressing debt vulnerabilities.
- This crisis will hit hardest poor countries that have high levels of indebtedness. A broad and equitable debt relief process is urgently needed, so IDA countries can concentrate their resources on fighting the pandemic and its economic and social consequences.
- “On Tuesday night, Kristalina Georgieva and I issued a joint IMF/WB call for debt relief in IDA countries. We urged many of you and other official bilateral creditors to suspend debt payments due from IDA countries, effective immediately. This would allow time to assess the crisis’ impact and financing needs for each IDA country, and to determine what kind of debt relief or restructuring is needed.
- The World Bank Group and the IMF are working quickly to flesh out an approach for Debt Relief for Poorer Countries. We will present it to our Governors for endorsement by the Spring Meetings of our organizations in April and would welcome your strong support.”
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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