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IMF Chief Pledges Large Scale On-lending of SDRs to Africa

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International Monetary Fund, IMF
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By Joseph Amah, Abuja

The International Monetary Fund’s Kristalina Georgieva has noted that for an inclusive and sustainable growth in Africa, the IMF would accelerate its Special Drawing Rights (SDR) allocation with more funding to the African continent. She said this at the EU-AU Summit Roundtable on financing for sustainable and inclusive growth recently.

She noted that with $33 billion for African countries out of a $650 billion global allocation tilts the scale further from an inclusive growth for Africa.

She said: ” As the world emerges from an unprecedented crisis, all countries are struggling with challenges–but it is particularly true for Africa.

Africa experienced a painful contraction in 2020. Since then, it has started growing again but for many countries growth falls short of what is needed. “In both 2021 and 2022, Africa’s projected growth trailed the global average. And it ought to be the other way around. Africa should outperform the rest of the world—so countries can create jobs and lift up living standards. It is in this context that we at the IMF have taken unprecedented action to support our member countries, especially on the African continent. I like to say: we are stepping up with and for Africa. “We have reformed our concessional lending framework. And here I want to recognize Prime Minister Magdalena Andersson of Sweden. Her leadership as chair of the International Monetary and Finance Committee (IMFC) helped us to increase access to IMF financing for African economies. And, as a result, last year we provided lending that was 13 times higher than the annual average of the previous decade.”

She added: “We also moved quickly for a Special Drawing Rights (SDR) allocation. As has been acknowledged, it has helped Africa—but it has not helped enough. In some countries, it amounted to as much as 6 percent of their GDP, which is not at all trivial. But that said, $33 billion for African countries out of a $650 billion global allocation is clearly not where we want to be. “So, we are moving to the next frontier which is large scale on-lending of SDRs—from countries that got them but don’t need them as much, to countries that need them most.” She added that they have about $60 billion in pledges from G20 members and they urge more developed countries to pledge more. She added: “For the first time in our history, the IMF will offer longer-term maturities and longer-term grace periods to support the structural transformation efforts of emerging market and developing economies.” “Our objective is to have the RST design approved at our Spring Meetings in April. I ask all member countries to help us meet this deadline and thus to be in the implementation phase by the fall.”

BUSINESS

Nigeria, Benin Republic Collaborate to Boost Trade, Economic Relations

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By Tony Obiechina, Abuja

Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin.

This was disclosed in a postmortem meeting by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, after the Minister of Finance and Coordinating Minister of the Economy, Mr.

Wale Edun, who just returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting.

In a statement by the Head of Press and Public Relations in the Finance Ministry, Mrs Helen Oby Chukwu on Monday,

President Patrice Talon of Benin Republic, granted a brief audience to the Nigerian delegation where he urged the Ministers to give the bilateral meeting the desired impetus already established by himself and his Nigerian counterpart, President Ahmed Bola Tinubu.

During the High-Level Meeting, the Beninise government made presentations on enhancing the bilateral trade between Nigeria and the Benin Republic and their position regarding implementing measures in other areas relating to trade harmonization.

Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and personnel exchanges between the respective Central Banks, and, most importantly, deepening the legal framework applicable to facilitate debt recovery.

To achieve these frameworks, the Beninese Side proposed the creation of a permanent joint technical committee with extended powers that will seek the implementation of ministerial consultations on the enforcement of the bilateral agreement, political anchoring and establishment of a clear and transparent governance structure among other channels of implementation.

After the presentation, the host Minister of Finance and the Economy, Mr. Romuald Wadagni, reiterated the significance of embodying the firm resolve of the two countries’ Presidents in ensuring the strengthening of trade relations.

He added that setting up a technical committee would serve as a one-stop shop for handling joint issues related to Nigeria and the Republic of Benin.

In his response, Mr. Edun appreciated the Beninese Government for the audience and hosting of the meeting. He equally appreciated President Patrice Talon’s moral support and enthusiasm and added that the political will shown so far was beyond question.

He further underscored that the task at hand was to seek efficient means of implementing the ideas of the leaders of both countries. The Minister, therefore, proposed that the two Finance Ministers of Nigeria and Benin head the proposed permanent committee.

The Nigerian delegation consisted of the Charge d’ Affaires a.i, Nigerian Embassy in Cotonou, Ambassador Saidu N. Tiggi, and the Comptroller of Customs, Seme Command. On the Beninese Side were the host Minister of Foreign Affairs, Ambassador Shegun Adjadi Bakari, the Minister of Trade and Commerce, Ms. Assouman Shadiya, the Minister of Justice and Legislation, and the Beninese Director General of Customs.

Nigeria continues to strengthen its cultural, trade, and economic relations with the Republic of Benin, especially in customs border patrols, financial integration of payment systems between the two countries and the harmonization of regulations along the borders.

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BUSINESS

FG Releases N12.7bn to Provide Smart Meters in Barracks

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The Minister of Power, Mr Adebayo Adelabu, says the Federal Government has released N12.7 billion to provide meters in Army barracks across the country.

The amount is from the N40 billion earmarked for the mass metering project.

Mr Bolaji Tunji, Special Adviser, Strategic Communication and Media Relations to the Minister, said this in a statement in Abuja on Monday.

He quoted the minister as saying this during the flag off of the metering exercise at the Headquarters of the 9th Brigade of the Nigerian Army, Ikeja Military Cantonment.

He said the exercise would be in phases with the Ikeja cantonment being the first phase of the exercise.

He said that the current exercise would last for six weeks before the second phase begins.

“Mass metering in army formations nationwide will enable us know what is being consumed on a monthly basis in order to ensure appropriate billings and ease collections.

”The overall intention is to eliminate and make estimated billing a thing of the past,” the Minister said, indicating that

the current exercise is part of President Bola Tinubu’s renewed hope agenda to ensure regular supply of electricity to army formations nationwide.

“This is one of Mr. President’s objectives as contained in the renewed hope agenda to ensure that electricity supply to the armed forces is prioritised and they do not suffer, especially in the enjoyment of public utilities,” he said.

Adelabu said the smart meters being installed are tamper-proof and would eliminate energy theft.

He said that it would be difficult to by- pass the meter which also comes with an app where customers can get statements of their consumption on a monthly basis.

He said that the meter allows interconnectivity between grid and off grid solar power supply.

The minister said that part of the energy blue print for the country was also to build off grid power sources such as solar energy for military barracks located in remote areas without grid supply.

He said that where there is grid supply, there would be an interchange between the grid and solar supply if not satisfied with the number of hours supplied by the Distribution Companies (DISCOs).

”Beyond metering, we have to prioritise electricity supply to the barracks,” he said.

Adelabu said the metering project would be extended to all military formations in the country with the objective of providing 24 hours power supply to the barracks.

Also speaking, Mr Ashade Olatunbosun, Chief Executive Officer of De Haryor Global Services, said that the second phase of the project would begin in Abuja and Enugu, simultaneously.

He said that military formations across the 11 DisCos would benefit from the exercise.

“Army formations in Jos, Abuja, Ibadan, Enugu, Kaduna, Ikeja and Eko DisCos will benefit from the exercise,” he said.

Speaking earlier, Maj.-Gen. A. Adetuyi, Commander, 9th Brigade, Nigerian Army, Ikeja, said that the Federal Government metering initiative was timely as the brigade headquarters has been getting epileptic power supply over time.

Adetuyi said that on investigation, he found out that the brigade was only being given three hours of electricity daily and on some days they do not even get supplies.

”We have tried to resolve this and we have even involved the state government without any result.

”We also discovered that we were always being given estimated bills, though we would not have minded if power supply was regular,” he said.

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Agriculture

Mrs Soludo Launches Organic Garden Competition in Anambra Secondary Schools

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Wife of the Anambra State Governor, Dr Nonye Soludo, on Saturday launched the organic garden competition in secondary schools in Anambra to encourage children to learn more about food and farming.

Soludo, while addressing Healthy Living Teacher Ambassadors in Awka, said the organic garden competition would help teach children the importance of food and farming and its impact on their lives.

She described organic farming as a process that involved the use of natural food sources and nutrients for farming practices without fertiliser or other chemicals.

“This competition is part of the Healthy Living with Nonye Soludo Campaign to achieve a culture of health consciousness, drive organic agriculture with emphasis on food safety and sustainable living.

“It will help our students learn valuable lessons about where their food comes from, the benefits of eating fresh and healthy foods, and how to care for the environment.

“Vegetable seeds will be distributed to schools and at the end of every term, schools with the three best gardens will be rewarded.

“Our children at a tender age will start to appreciate agriculture as an essential way of life and the need to be part of building solutions that foster healthy foods in the society,” she said.

Also speaking, Dr Afam Obidike, the state’s Commissioner for Health, said the schools garden competition would increase student’s knowledge about the nutritional value of foods.

In her remarks, Prof. Nkechi Ikediugwu, Chairperson, Post Primary Schools Service Commission, said schools in the state would offer Health Living lecture every Wednesday after break to help students learn how to be healthy and grow into healthy adults.

Reports says that the programme featured distribution of okro, carrot, pepper, tomatoes, watermelon and cucumber seeds to the school teachers to begin the process of their school gardens.(NAN)

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