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
EU regulators hit Elon Musk’s X with 120 million euro fine for breaching bloc’s social media law
- The European Commission issued the decision after a two-year investigation under the Digital Services Act
- They cited issues with X’s blue checkmarks, which they called “deceptive,” and failures in its ad database and data access for researchers
LONDON: European Union regulators on Friday fined Elon Musk’s social media platform X 120 million euros ($140 million) for failing to comply with the bloc’s digital regulations.
The European Commission issued its decision following an investigation it opened two years ago into X under the 27-nation bloc’s Digital Services Act. Also known as the DSA, its a sweeping rulebook that requires platforms to take more responsibility for protecting European users and cleaning up harmful or illegal content and products on their sites, under threat of hefty fines.
The Commission said it was punishing X, previously known as Twitter, because of three different breaches of the DSA’s transparency requirements. The decision could rile President Donald Trump, whose administration has lashed out at digital regulations from Brussels and vowed to retaliate if American tech companies are penalized.
Regulators said X’s blue checkmarks broke the rules because of their “deceptive design” that could expose users to scams and manipulation.
X also fell short of the requirements for its ad database and giving access to researchers access to public data.
The European Commission issued its decision following an investigation it opened two years ago into X under the 27-nation bloc’s Digital Services Act. Also known as the DSA, its a sweeping rulebook that requires platforms to take more responsibility for protecting European users and cleaning up harmful or illegal content and products on their sites, under threat of hefty fines.
The Commission said it was punishing X, previously known as Twitter, because of three different breaches of the DSA’s transparency requirements. The decision could rile President Donald Trump, whose administration has lashed out at digital regulations from Brussels and vowed to retaliate if American tech companies are penalized.
Regulators said X’s blue checkmarks broke the rules because of their “deceptive design” that could expose users to scams and manipulation.
X also fell short of the requirements for its ad database and giving access to researchers access to public data.
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