LAGOS: Nigeria has repaid $3.4 billion in emergency funding it received from the International Monetary Fund (IMF) to help the country cope with the impact of the coronavirus pandemic five years ago, the global lender said on Thursday.
In April 2020, the IMF provided the financing to help Africa’s largest oil exporter cope with a collapse in crude prices, which hit its finances and tipped the economy into recession.
IMF resident representative to Nigeria Christian Ebeke said in a statement that, as of April 30, the country had “fully repaid the financial support” it received under the Fund’s Rapid Financing Instrument, a facility that provides urgent balance of payments funding to member nations.
“Nigeria is expected to honor some additional payments in the form of Special Drawing Rights charges of about $30 million annually,” Ebeke added.
The most recent data from the Debt Management Office shows that Nigeria last year spent $4.66 billion to service its foreign debt, of which $1.63 billion was to the IMF.
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IMF says Nigeria repays $3.4 billion COVID-19 funding
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IMF says Nigeria repays $3.4 billion COVID-19 funding
- In April 2020, the IMF provided the financing to help Nigeria
- “Nigeria is expected to honor some additional payments,” Ebeke added
Madagascar’s leader fires prime minister, cabinet
- Col. Michael Randrianirina came to power after demonstrations that started in September snowballed into a protest movement
ANTANANARIVO: Madagascar’s leader, Col. Michael Randrianirina, has sacked his prime minister and dissolved the cabinet he appointed soon after seizing power following youth-led protests five months ago.
The colonel chose Herintsalama Rajaonarivelo, from the private sector, as prime minister after a military power grab that sent former president Andry Rajoelina fleeing in October.
Randrianirina “announces that, in accordance with the provisions of the constitution, the government is suspended from its duties,” a presidency spokesperson said in a statement Monday.
A new prime minister will be appointed “shortly,” he said, without providing a timeline or a reason for the dismissal.
Randrianirina came to power after demonstrations started in September against persistent water and power shortages and snowballed into a protest movement that the government tried to stop with a crackdown, leaving many people dead and injured.
The colonel has denied staging a coup, insisting the Constitutional Court “transferred power” to him, and has pledged a two-year transition period, according to a program released at the end of February.
An initial phase of wide-ranging consultations until the end of 2026 was scheduled to lead to a draft new constitution and a presidential election due in the last quarter of 2027.
The African Union Peace and Security Council (PSC) was due to convene a meeting Tuesday on Madagascar, marking its fourth since October.
Randrianirina has moved swiftly to court new diplomatic alliances, declaring a “new era of cooperation” during an official visit to Moscow last month where he was received by President Vladimir Putin.
Days later in Paris, he and President Emmanuel Macron announced a “renewed” and “balanced” partnership with France, the former colonial power.
The colonel chose Herintsalama Rajaonarivelo, from the private sector, as prime minister after a military power grab that sent former president Andry Rajoelina fleeing in October.
Randrianirina “announces that, in accordance with the provisions of the constitution, the government is suspended from its duties,” a presidency spokesperson said in a statement Monday.
A new prime minister will be appointed “shortly,” he said, without providing a timeline or a reason for the dismissal.
Randrianirina came to power after demonstrations started in September against persistent water and power shortages and snowballed into a protest movement that the government tried to stop with a crackdown, leaving many people dead and injured.
The colonel has denied staging a coup, insisting the Constitutional Court “transferred power” to him, and has pledged a two-year transition period, according to a program released at the end of February.
An initial phase of wide-ranging consultations until the end of 2026 was scheduled to lead to a draft new constitution and a presidential election due in the last quarter of 2027.
The African Union Peace and Security Council (PSC) was due to convene a meeting Tuesday on Madagascar, marking its fourth since October.
Randrianirina has moved swiftly to court new diplomatic alliances, declaring a “new era of cooperation” during an official visit to Moscow last month where he was received by President Vladimir Putin.
Days later in Paris, he and President Emmanuel Macron announced a “renewed” and “balanced” partnership with France, the former colonial power.
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