May 28, 2022

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FG GETS $1.3 BILLION FROM WORLD BANK/IMF FOR DEVELOPMENT BANK

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FG GETS $1.3 BILLION FROM WORLD BANK/IMF FOR DEVELOPMENT BANK



FG has succeeded in getting loans from world bank, IMF and European Investment Bank. The total sum of $1.3 billion was collected. This fund will be made available to SMEs through development banks. The Minister of Finance, Mrs. Adeosun has this to say concerning the loans.

“The focus of DBN is SMEs and giving them low cost loans. We have been able to crowd in money to the tune of 1.3 billion dollars from the World Bank, African Development Bank and the European Investment Bank.”

”We have made a lot of progress now and ready to take off.”

‘’We have advertised for the management position and when appointed, that would complement the work and build synergy with CBN intervention.”

“We need to get the money into the hands of smaller business that make 50 per cent of our GDP.”

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Concerning illicit financial flows, Mrs. Adeosun said:

When we talk about illicit financial flows there is a number of issues involved- those from corrupt practices, tax evasion, tax avoidance and those who underpay tax.

” But we are working hard to bring them back to the country,”

She also talked about financing government budget from external source:

“We are going to look into how we can refinance some of our existing naira debt into the international market to take advantage of the low international rate now.

“We want to take advantage of the fact that there are negative interest rates in a lot of markets and we think we can significantly lower our cost of funds.”

“This would lessen the pressure on the domestic market. We have spoken with a lot of lenders and the market is really very attractive now.”

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“We would strengthen our implementation capacity, including our capacity for monitoring and evaluation.”

“As a follow-up, the Federal Government has committed to regular monthly meetings now with the World Bank Group and there would be regular briefings of FEC and NEC on the performance of Nigeria’s portfolios.’’

“We feel that when people are able to access loans at low interest rates, it helps improve growth, reduce unemployment, boost industrial capacity and the rest.”

In his statement Mr. Emiefele Godwin made it clear that the monetary policies are not in conflicts with fiscal policies as was rumoured. He said:

“Based on the data that was available, the MPC (Monetary Policy Committee) felt we can pursue growth through another angle. It has nothing to do with disharmony.

” I feel it is important for me to also join the minister to confirm that there is no disharmony, we are all working together and I believe that in due course, we would achieve the growth that we badly desire for the country,” he said.

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Source: NAN

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