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IMF Advocates New Public Payment System

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Kristalina Georgieva, Managing Director, International Monetary Fund (IMF) has called for a new public payment system to connect various payment systems. Georgieva added that the new payment system would help counter fragmentation of the international monetary system accelerated by Russia’s invasion of Ukraine.

This is contained in a report obtained from the IMF’s website by the News Agency of Nigeria (NAN) on Saturday.

It said global economic integration had supported growth and lifted more than one billion people out of extreme poverty over the past three decades.
“But the forces of geopolitical fragmentation including competing systems for cross-border payments threaten to make the world poorer and more dangerous.

“Some countries may develop parallel payment systems to mitigate the risk of potential economic sanctions. “While private digital money providers are promising cheap cross-border payments, but often within a closed network of users. “These ‘payment blocs’ would only worsen the impact of broader ‘economic blocs’, creating new inefficiencies and imposing new costs.

“This would harm productivity and living standards in all countries,” Georgieva told a conference in Zurich hosted by the IMF and Swiss National Bank. The managing director said that a new public payment system, which uses technology to connect various forms of money, could make payments work for all people, in all countries.

She said the various forms of money include commercial bank deposits but potentially also central bank digital currencies and even some stable coins. Georgieva said countries need to work together to build new roads, railways, bridges, and tunnels using public digital platforms to connect payment systems.

“This would make international payments more efficient, safer, and more inclusive. Crucially, it would reduce the risk of fragmentation. “Indeed, we must think like a mountaineer in three ways: use state-of-the-art equipment, adapt to the existing terrain, and rely on our team.

“First, we must use state-of-the-art equipment, especially new technologies. Which brings me to my second point, just like good mountaineers, we must adapt to the terrain. “This means building platforms that allow countries to continue pursuing their policy objectives especially when it comes to capital flows.

“My third point is that mountaineers never climb alone. They rely on their teams and the well-rehearsed reactions and signals to deal with unforeseen situations. “This approach is essential to modernise the international payment system and mitigate fragmentation. It means, above all, getting governance right,” she said.

Georgieva said that questions of governance such as who would oversee these platforms would ultimately be decided by countries. However, she added that international organisations such as the IMF, the Bank of International Settlements, and the Financial Stability Board could play an important role.“

Together, we can put the international payment system on a sounder footing. “To support the digital world of tomorrow, to foster an international monetary system that can bring greater stability and prosperity for all,” she said. (NAN) 

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FCT Court Urges Renovation of its Complex Burnt During EndSARS Protest

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The FCT Customary Court, Dutse, Abuja has appealed to the Nigeria Bar Association (NBA) to facilitate the renovation of its court complex which fell victim to vandalism and arson during the 2020 EndSARS protests.The President of the Court, Aderinto Adesoji, made the appeal during a resumed hearing in a divorce case between a petitioner, Chiwendu Nwadi and her husband, Emeka Nwadi in Ushafa, Abuja.

The Customary Court, Dutse has been sharing the court complex of a sister court in Ushafa for its sittings following the destruction.
of its facilities, four years back.NAN reports that while Customary Court, Ushafa, the real owner of the facility, has its sittings on Monday, Wednesday and Friday in a week, the Dutse court has its sittings on Tuesday and Thursday.
Report says that Dutse and Ushafa are communities in Bwari Area Council of the FCT and they are about 17 kilometres apart.Addressing lawyers to the parties in the divorce case, when they were finding it difficult to agree on a date for next hearing in the matter, the President of the court said it is a recurrent challenge in matters before the courtAccording to him, the constraint of the panel, sitting only twice in a week has grossly affected quick dispensation of justice.He said most cases before the cout involve families, in particular, custody of children which require urgent adjudication, and should not be encumbered.Adesoji said, considering the fact that lawyers and their clients are affected by the constraints, the NBA should take steps to ensure that the appropriate authorities renovate the Dutse court complex.He said promises have been made by the association to that effect in the past, but they were yet to be actualised.Responding to the President’s appeal, Mr Moses Ibe, the lawyer to the petitioner promised the court that he would convey the message to the NBA, Bwari branch for necessary action.Ibe said this in an interview after the court session, that the distance of the court to its jurisdiction and the restrictive days of sittings have affected quick dispensation of justice.He said the essence of building the Dutse court was to bring justice closer to the people, but it has been defeated by the failure of appropriate authorities to renovate it for useThe Counsel promised to officially write to the NBA, Bwari branch to convey the Judge’s message and request for interventionAccording to Ibe, the Dutse court complex, used to serve as the Secretariat of the NBA Bwari branch, before it was vandalised and set ablaze by the EndSARS protesters.Meanwhile, the court has adjourned further hearing in the divorce petition until Oct. 21 to enable the respondent file his reply.Adesoji and other members of the panel, Nana Atipkoru, Aisha Hamza adjourned the case following the position of the respondent’s lawyer, Cornelius Simon, that his client was not served with the “particular of claims” in the petition.The panel directed that all necessary processes should be filed and served before the adjourned date so that the case would be fixed for definite hearing.The panel also ordered that the parties should maintain the status quo, particularly, as regards the custody of the children – the last child is with the petitioner, while the other two are in the custody of the respondent.In the case, the petitioner is seeking, among others, the dissolution of her 13 years marriage with her husband on the ground that “the union has broken down irretrievably”.She alleged that the husband, “is a man of unimaginable violence and cruelty, fetish, a serial wife beater and adulterer’The petitioner alleged that her husband deliberately poisoned her drink which led to losing her pregnancy.According to the petitioner, the union, consummated in 2011, under the native law and custom, as well as exchange of marital vows in a Church, has produced three children, ages, 12 years, 11 years and 2 years.She urged the court to dissolve the marriage, grant custody of the three children to her and restrain the husband from using thugs or any security agents to harass her. (NAN)

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Group Cautions NASS Against Tax Reforms Bill

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The Northern Youths Assembly has cautioned the National Assembly against passing the Tax Reforms Bill from the executive before the legislature.This is contained in an open letter to the lawmakers signed by the group’s President, Dr Ali Mohammed, and Secretary-General, Dr Garba Abduljafiz and made available to newsmen in Kano on Thursday.

The group said the bill, if passed into law, would not be in the interest of the people, particularly youths, urging for broader consultation on matters of that nature.
The youths urged the National Assembly to concentrate on youth-friendly laws to safeguard the country’s future instead.“The youth are Nigeria’s future, “and our prosperity hinges on investments in education, skills development, and job creation.
“As the largest political demography in the nation, youth must have a say in laws and policies that directly impact the country’s future.“We call for the creation of a special place at the centre, to allow the youths to contribute to solutions that may promote sustainable development, job creation, and economic empowerment,” the group said.The group urged the lawmakers to focus more on making laws that would improve investment climate and job creation.“We urge the National Assembly members to direct their resources and energy towards creating laws that would prioritise and encourage foreign investment.“The laws should encourage skills development and jobs creation for the teeming population of the youths, to improve measures that risk stifling the Nigerian economic opportunity.“We also urge them to stop complying with the dictates and advisory of the agents of destruction, IMF and World.“We must stay away from the trap of the IMF and World Bank, as they are all out to destroy our country through their ill-formulated policies and misleading advisory’’, the group said. (NAN)

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DHQ Confirms Emergence of new Terrorists’ Group in N/W

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The Defence Headquarters has confirmed the emergence of a new terrorists’ group known as ‘Lukarawas’ exacerbating insecurity in the North Western part of Nigeria.The Director of Defence Media Operations, Maj.-Gen. Edward Buba, made this known while briefing newsmen on the operations of the military on Thursday in Abuja.

Buba said that the new terror group emerged from the Republic of Niger after the coup that led to the breakdown of military cooperation between Nigeria and Niger.
He said that the terrorists began incursion into northern parts of Sokoto and Kebbi States from the Niger Republic and Mali axis, particularly after the coup in Niger Republic.According to him, prior to the coup, there were joint border operations with Nigerien security forces which kept the terrorist at bay.
“The terrorists took advantage of the gaps in cooperation between both countries and exploited difficult terrains to make incursions in remote areas in some North Western states to spread their ideology,” he said.Buba said that the group was accommodated by the locals who initially thought that the group meant well for them, adding that they failed to report the movement to the military and security agencies.He gave assurance that toops had sustained Imtelligence, Surveillance and Reconnaissance (ISR) to degrade the terrorists.He added that the terror group had continued to take advantage of the vast under-governed areas to hide and evade troops as well as harass the locals.According to him, troops are locating them and eliminating the threat. (NAN)

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