Connect with us

General

COVID-19: 60 Countries Get $22bn in Emergency Funding–IMF

Published

on

$188trn global debt IMF Chief

By Adedapo Adesanya

The International Monetary Fund (IMF) has disbursed $22 billion in emergency financing to nearly 60 countries to cushion the impact of the coronavirus outbreak on their respective economies.

This was disclosed by the Bretton Wood institution’s Managing Director, Ms Kristalina Georgieva, at the United Nations event on Financing for Development in the Era of COVID-19.

She stated: “We are providing emergency financing on unprecedented scale – we have already disbursed $22 billion to nearly 60 countries and continue to receive and process new requests.  Never before have we supported so many countries at the same time and at such speed.”

Ms Georgieva said the lender was exploring ways to deploy Special Drawing Rights (SDRs) to support low-income and small economies, stating that the Fund, together with the World Bank, was also supporting the G20 debt service suspension initiative that could make about $12 billion available to eligible low-income countries.

“We are at the service of our members to fight the crisis and underpin sustainable and inclusive global recovery. After the global financial crisis, our shareholders had the wisdom to quadruple the Fund’s lending capacity to $1 trillion and we are ready to use this capacity to the fullest, working together with all of you,” she stated.

According to her, countries with weaker fundamentals, especially in terms of high debt levels, with dependence on hard-hit sectors, or affected by conflict, are suffering and market access remains difficult, or impossible.

“From commodity exporters in sub-Saharan Africa to the tourism-dependent small island economies in the Caribbean and elsewhere, 2020 is expected to result in their worst GDP growth outcome in decades and a large decline in per capita income,” she added.

She noted that 170 countries – almost 90 percent of the world, would have been badly hit by the crisis at the end of this year, noting that recent data indicates that global output could even shrink by more than the 3.0 percent this year that the IMF had initially projected.

She, however, said IMF was expecting partial recovery in 2021  and welcomed the decisive actions taken by policy makers around the world to stabilize the economy.

“Crucially, central banks responded swiftly and forcefully to the dramatic shock of this crisis as, in February and March, volatility spiked, liquidity deteriorated significantly, and massive asset market dislocations materialised.

“By cutting interest rates, purchasing over $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,” Ms Georgieva noted.

Despite this, she said financial conditions remain dependent on uncertain economic and health developments, warning that countries are now facing 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 $9 trillion and significant further efforts will be needed in the months ahead,” she stated.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

General

US Delivers Military Supplies to Help Nigeria in Terrorism Fight

Published

on

us military supplies Nigeria

By Adedapo Adesanya

The United States has delivered military supplies to Nigerian security agencies to bolster operations in several parts of the country.

This was disclosed in a post via X on Tuesday by the United States Africa Command (AFRICOM).

“The US forces delivered critical military supplies to our Nigerian partners in Abuja. This delivery supports Nigeria’s ongoing operations and emphasizes our shared security partnership,” the post read.

The development shows cooperation between both nations after US President Donald Trump previously threatened to invade the country over the killing of Christians.

Last November, the federal government dispatched a delegation to Washington, the US capital, aimed at strengthening security partnerships between the two countries and opening new avenues for cooperation.

Leading the delegation then was the National Security Adviser, Mr Nuhu Ribadu, who met with senior officials across the US Congress, the White House Faith Office, the State Department, the National Security Council, and the Department of War.

During the meeting, the Nigerian delegation refuted allegations of genocide in Nigeria, emphasising that violent attacks affect families and communities across religious and ethnic lines.

It also rejected the wrongful framing of the situation, saying such a portrayal would only divide Nigerians and distort the realities on the ground.

According to the presidency at the time, both countries agreed to implement a non-binding cooperation framework and to establish a Joint Working Group to ensure a unified and coordinated approach to the agreed areas of cooperation.

The Nigerian delegation also reaffirmed the government’s commitment to strengthening civilian protection measures.

On Christmas Day 2025, the US has launched strikes against militants linked to the Islamic State group (IS) in north-western Nigeria, where militants have sought to establish a foothold.

According to the Nigerian government, the operation was a joint operation and had nothing to do with a particular religion, adding that the strikes had been planned for quite some time using intelligence provided by the country.

The Nigerian government has long been fighting an array of jihadist groups, including Boko Haram and IS-linked factions, but largely in the North-East. However, some new groups are gaining footholds and the new supplies could help the Nigerian military continue its fight against terrorism.

Continue Reading

General

Waterway Accidents: FG Urges States to Ban Wooden Boats, Night Travel

Published

on

boat accidents

By Modupe Gbadeyanka

State governments have been advised to ban the use of wooden boats for commercial water transportation to reduce waterway accidents.

This call was made by the federal government through the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola.

The Minister argued that wooden boats are unstable and are highly prone to capsizing because they deteriorate quickly, unlike fibre and aluminium vessels which are more durable and safer.

His call followed incessant boat accidents in some parts of the country.

He charged the sub-nationals to adopt safer fibre-reinforced plastic and aluminium vessels to tackle the recurring and avoidable waterway accidents.

Mr Oyetola urged strict adherence to water safety regulations, warning against night travel, overloading, and the use of rickety vessels, while stressing the importance of wearing life jackets.

He disclosed that 35,000 life jackets were distributed to riverine states in 2025 and called for stronger collaboration with state governments to improve safety, noting that water transport remains critical to Nigeria’s blue economy.

Continue Reading

General

Nigeria Records 57 Electricity-Related Accidents in Three Months

Published

on

Electricity-Related Accidents

By Adedapo Adesanya

Nigeria recorded 57 recorded cases of  electricity-related mishaps, according to the latest electricity sector data released by the Nigerian Electricity Regulatory Commission (NERC).

The data, which covers the third quarter of 2025 (Q3 2025), spotlighted how 33 people lost their lives and another 33 sustained various degrees of injuries in power-related accidents across the country.

According to the Q3 2025 report, a total of 57 power-related accidents were reported across the country during the period under review.

The accidents were spread across several distribution zones, with Ikeja and Kano electricity distribution areas recording the highest number of incidents during the quarter.

Both zones reported 10 accidents each. Ikeja also recorded six injuries and four deaths, while Kano posted six deaths and four injuries.

While Abuja, Jos, Aba, Port Harcourt, Enugu, and Yola recorded varying but still troubling levels of incidents, Eko, Kaduna, and the Transmission Company of Nigeria (TCN) also featured prominently. In many of these cases, accidents resulted in either severe injuries or fatalities, or both.

Unsafe acts and hazardous conditions accounted for the highest number of injuries and tied for the highest number of fatalities, while wire snaps emerged as one of the deadliest hazards, accounting for 10 fatalities and seven injuries during the quarter.

The report noted that 10 deaths and 18 injuries were attributed to unsafe practices or conditions, pointing to a mix of human error, poor safety culture, and inadequate enforcement of operational standards by licensees.

Illegal or unauthorised access to electricity installations also contributed to the casualty figures, leading to two fatalities and three injuries during the period under review.

Vandalism, while responsible for fewer casualties in the quarter, still resulted in two deaths.

The report also noted that the TCN recorded four cases of damage to property and infrastructure arising from explosions, fire outbreaks, or acts of vandalism during the quarter.

However, NERC said it initiated investigations into all reported accidents and signalled its intention to enforce appropriate actions where necessary.

The regulator said it organised periodic health and safety managers’ meetings aimed at improving safety performance across the industry, where it brings together health and safety officers from electricity companies to review incident reports, share lessons learned, and identify areas requiring urgent improvement.

During the period under consideration, the regulator disclosed that it supervised the successful conclusion of two compensation negotiations between electricity companies and families of victims, an indication of ongoing efforts to address the aftermath of such incidents.

However, the report showed that in the previous quarter (Q2), 38 fatalities were recorded, 19 persons were injured, and 60 accidents were reported.

“Relative to 2025/Q2, the number of accidents decreased from 60 to 57, the number of fatalities decreased from 38 to 33, but the number of injuries increased from 19 to 33,” the NERC report stressed.

“During the quarter, all the accidents occurred at the distribution level, i.e., neither TCN nor any of the Gencos recorded safety accidents. Although all Discos recorded casualties, the licensees with the highest number of casualties out of the total 66 recorded during the quarter are Ikeja and Kano (10), Eko and Kaduna (8), representing 15.15 per cent and 12.12 per cent of the total, respectively.

“This quarter continues the trend of the distribution sub-segment being the biggest driver of safety accidents in the sector. Discos accounted for 93.33 per cent, 100 per cent, and 100 per cent in 2024/Q4, 2025/Q1, and 2025/Q2, respectively,” the NERC report pointed out.

Continue Reading

Trending