{"id":93997,"date":"2022-04-17T10:27:20","date_gmt":"2022-04-17T09:27:20","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=93997"},"modified":"2022-04-17T10:27:20","modified_gmt":"2022-04-17T09:27:20","slug":"nigeria-to-benefit-as-imf-approves-45bn-for-low-middle-income-countries","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/nigeria-to-benefit-as-imf-approves-45bn-for-low-middle-income-countries\/","title":{"rendered":"Nigeria to Benefit as IMF Approves $45bn for Low, Middle-income Countries"},"content":{"rendered":"
The International Monetary Fund (IMF) has approved a $45billion trust fund to help low and vulnerable middle-income countries, including Nigeria to build resilience and sustainability.<\/div>\n
<\/div>\n
This is coming as the Mineral Sector Support for Economic Diversification (MinDiver) of the World Bank has increased the number of aircraft conducting Airborne Geophysical Survey in the South-west from two to four to boost mining activities.<\/div>\n
<\/div>\n
The survey would be conducted in 19 states, including FCT across 121 local government areas.<\/div>\n
\nNigeria is among lower-middle-income countries with a gross national income (GNI) per capita of $2,157 in 2019, according to the World Bank collection of development indicators.<\/div>\n
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According to the IMF, the fund will come into effect from May 1, 2022.<\/div>\n
\nThe fund is part of IMF\u2019s $650 billion special drawing rights (SDRs) issued in August 2021 to vulnerable countries to boost liquidity through Resilience and Sustainability Trust (RST).<\/div>\n
<\/div>\n
The Managing Director of IMF, Kristalina Georgieva, disclosed this in a statement issued in Washington, DC.<\/div>\n
\nGeorgieva said the fund would help build resilience against long-term risks to balance payments\u2019 stability.<\/div>\n
\n\u201cI am very pleased to announce that the IMF\u2019s Executive Board today approved the creation of a new Resilience and Sustainability Trust (RST) to come into effect on May 1, 2022,\u201d the statement reads.<\/div>\n
<\/div>\n
\u201cThe Trust aims to help low-income and vulnerable middle-income countries address longer-term structural challenges that pose macroeconomic risks, including climate change and pandemics.<\/div>\n
<\/div>\n
\u201cAs the world is confronting consecutive global shocks, we must not lose sight of the critical actions needed today to ensure longer-term resilience and sustainability \u2014 and we can only succeed by working together.<\/div>\n
<\/div>\n
\u201cThe RST will amplify the impact of the $650 billion\u00a0 SDR allocation implemented last year by channelling resources from economically stronger members to countries where the needs are greatest. The aspiration is to build a Trust of at least $45 billion in resources.<\/div>\n
<\/div>\n
\u201cThe RST will serve as a third pillar of the IMF\u2019s lending toolkit, in addition to the General Resources Account and the Poverty Reduction and Growth Trust. The RST will provide policy support and affordable longer maturity financing \u2013 with a 20-year maturity and a 10\u00bd -year grace period \u2013 to help build resilience against long-term risks to balance of payments stability.\u201d<\/div>\n
<\/div>\n
She added that about three-quarters of IMF\u2019s country members will be eligible for RST financing.<\/div>\n
\n\u201cAbout three-quarters of the IMF\u2019s country members will be eligible for RST financing, including low-income members as well as most middle-income countries and all small developing states. We have worked extensively with our members and other stakeholders to design the RST, to balance the needs of potential contributors and borrowers,\u201d the statement added.<\/div>\n
<\/div>\n
\u201cWe have worked extensively with our members and other stakeholders to design the RST, to balance the needs of potential contributors and borrowers. The reforms supported by the Trust are also intended to catalyse increased financing from the private sector, donors, and other international financial institutions (IFIs).
\n\u201cClose collaboration with the World Bank and other IFIs will be critical for the success of the RST.\u201d<\/p>\n
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<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The International Monetary Fund (IMF) has approved a $45billion trust fund to help low and vulnerable middle-income countries, including Nigeria to build resilience and sustainability. 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