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IMF Warns That Nigeria, 169 Other Countries To End 2020 Poorer
The global economy would end 2020 smaller than it started it due to the disastrous consequences of the COVID-19 pandemic, the International Monetary Fund (IMF ) has again warned.
Its Managing Director, Kristalina Georgieva, who spoke at a UN event on Financing for Development in the Era of COVID-19, said about 170 countries, and almost 90 per cent of the world, would be worse off by the end of this year despite efforts by governments to financially stimulate their economies
According to her , the current downturn is anything but simple. “The COVID-19 crisis is first and foremost a human tragedy, and it is more complex, more uncertain, and more severe than anything we have seen in living memory.”
In April, the IMF projected global output to shrink by 3.0 per cent this year. Recent data released suggests the global contraction may be even worse than that. We do expect partial recovery in 2021, and highly value the decisive actions taken by policy makers around the world to stabilize the economy.
The focus of her presentation was the fund’s interventions to enhance the global financial conditions for coping with the crisis, how they affect emerging markets and developing countries as well as how it is helping its members.
Nigeria, a key commodity exporter with very fragile economy, has been badly hit alongside several other African countries since COVID-19 was declared a global pandemic in March 11, 2020 as all its economic buffers have been eroded. Crude oil prices, the country’s major revenue earner fell below its budget benchmark of $57 while exchange rate spiked to over N400 at the autonomous market, leading to a revision of economic indices by the Muhammadu Buhari administration
While admitting that previous actions taken after the global financial crisis to strengthen financial sector resilience paid off – as banks are now well capitalized and macro-prudential regulations provide much needed protection, she noted that Nigeria’s central bank among others responded swiftly and forcefully to the dramatic shock of this crisis as, in February and March, as volatility spiked, liquidity deteriorated significantly, and massive asset market dislocations took place.
By cutting interest rates, purchasing over US$4 trillion of assets and announcing plans for more, and introducing foreign currency swap lines, major central banks helped abate strains in financial markets, and ease global financial conditions. She said
But we are not out of the woods yet. Financial conditions remain dependent on uncertain economic and health developments, and countries are now facing the prospect of rising bankruptcies, which could affect banks, particularly those with weaker buffers.
“To counter the impact of the crisis and support recovery, we advocate continued fiscal support, especially for workers and small and medium-sized enterprises. Globally, fiscal actions so far amount to about US$9 trillion and significant further efforts will be needed in the months ahead.”
With regard to how the crisis is impacting financial conditions in emerging markets and developing economies, the IMF boss regretted that in just two months of the crisis investors pulled more than US$100 billion out of emerging markets—more than three times larger than during the global financial crisis.
A 30-year-old teacher at Landmark School Mgbakwu in Awka North Local Government Area of Anambra State, Faith Nwonye has been arrested for allegedly beating an 8-year-old pupil into a coma.
The state commissioner for Education, Ngozi Chuma-Udeh, who disclosed this while briefing journalists in her office on Monday, May 20, 2024, said that the school has been permanently shut down.
Chuma-Udeh said she had summoned the school’s proprietor and Nwonye to explain the incident that led to the brutal beating of the primary pupil.
“We received this unfortunate incident from an illegal school in Mgbakwu that a child was beaten to a coma over the weekend. On behalf of the State Government, we invited the proprietress of the illegal school as well as the teacher who purportedly beat the child,” she said.
“We’ve handed the matter to the police for further investigations, as we await Mr Governor’s directives. Meanwhile, the school is closed down indefinitely because it’s not supposed to exist in the first instance. Any parent who is enrolling his/her child in an illegal school is doing so at his/her own peril.
“To the proprietors of private schools, anyone running an unapproved school in Anambra is a criminal. It’s a criminal offence to run an illegal school in the state.
“Whether the school is legal or not, it’s criminal to beat a child. According to the doctor, the chances of survival of the child is 20%.”
The commissioner added that the teacher would be brought to book.
“As soon as the police are done, the teacher will face other institutions against child rights. She’s going to have the full wrath of the law brought upon her over her actions,” she said.
“Anambra state abhors violence to children, women, and any other person. It’s not part of this administration and Mr. Governor is against such.”
The Iranian President, Raisi has been confirmed dead alongside others in a helicopter crash.
The body of the President however could not be identified due to burns beyond recognition.
According to information, A foreign minister was also involved in the crash and a list of others. They are; Foreign Minister Hossein Amir Abdollahian, Governor of Eastern Azerbaijan province Malek Rahmati, Tabriz’s Imam Mohammad Ali Alehashem, The Pilot, The Copilot, Crew Chief, Head of Security and Bodyguard.
The rescue team were at the crash site of the helicopter carrying the president and the discovery came after a long night of searching in freezing conditions.
Shortly before the discovery, Iranian Red Crescent Society head Pir-Hossein Kolivand said the situation was “not good.”
According to Reuters, the helicopter was completely burned in the crash.
Additional and Unfortunately, there is a possibility of martyrdom of all the passengers of the helicopter.
News
The Peruvian Government Has Officially Classified Transgender, Nonbinary And Intersex People As “Mentally ill”
According to the country’s ministry of health, the controversial decision was made to ensure the country’s public health services could “guarantee full coverage of medical attention for mental health” for the trans community.
It also categorises “dual-role transvestitism,” “fetishistic transvestism,” and “other gender identity disorders” under the same bracket of mental illness.
The new law will change language in the Essential Health Insurance Plan (PEAS) to reflect the view of trans and intersex people as a mental health disorder.
Trans groups across Peru have loudly condemned the decision as a step backwards for the country’s already complex relationship with LGBTQ+ rights.
Joe Levy Appointed CEO of Sophos
Teacher Arrested For Beating 8-Year-Old Pupil To Coma In Anambra
BREAKING: Iran President, Ebrahim Raisi And Others Confirmed Dead After Helicopter Crash
LASG Acquires New Outboard Engines For Optimum Boat Performance
ALERT: LASG Closes Ilupeju, Ogunmokun, Jibowu, Yaba Level Crossing For Railway Project
