Friday, 30 March 2012
Wednesday, 28 March 2012
The Executive Board of the International Monetary Fund (IMF) has completed the third review of Benin’s economic performance under the program supported by an Extended Credit Facility (ECF) arrangement.
The Board's decision, which was taken on a lapse-of-time basis and enters into effect today, enables the immediate disbursement of an amount equivalent to DR 10.61million (about US$16.4 million), bringing total disbursements under the arrangement to an amount equivalent to SDR 42.45 million (about US$ 65.7 million).
Growth is projected to continue on a modest upward trend in 2012, but will be adversely affected by external spillover effects from higher gasoline prices because of the reduction of fuel subsidies in Nigeria that will dampen domestic demand and, to a lesser extent, by the ongoing global crisis. Inflation is expected to increase sharply in 2012, but the West African Economic and Monetary Union (WAEMU) convergence criterion may still be within reach in the medium term, if second-round inflationary pressures are contained.
Performance under the program was broadly satisfactory during the third review period, and the end-September performance criteria were met. The revenue target, however, was missed because of an
under performance of customs revenue owing to resistance to customs reform. The authorities implemented measures to strengthen revenue performance, and customs revenue began to recover in December 2011. Sustaining the increase of customs revenue over the medium term is critical for implementing the authorities’ program. The priority social spending target was also missed because of technical and administrative difficulties, indicating a need to intensify their monitoring.
Long-awaited customs reforms were introduced, but a stronger implementation of the structural reform agenda is needed, inter alia to enhance revenue collection and fiscal sustainability. The structural reform agenda includes further customs and tax reforms, civil service reform, and the promotion of greater private sector involvement in the energy sector—all of which would foster higher growth.
The authorities committed to maintaining the wage bill within the program envelope and to adopt wage policy decisions in the framework of civil service reform.
The financial sector has been resilient, but banks’ loan portfolio deteriorated and a few small banks do not meet strengthened capital requirements. This highlights the need for greater vigilance by the supervisory body to strengthen the soundness of the banking system.
The Extended Credit Facility (ECF) has replaced the Poverty Reduction and Growth Facility (PRGF) as the Fund’s main tool for medium-term financial support to low-income countries by providing a higher level of access to financing, more concessional terms, enhanced flexibility in program design features, and more focused streamlined conditionality. Financing under the ECF carries a zero interest rate, with a grace period of 5½ years, and a final maturity of 10 years. The Fund reviews the level of interest rates for all concessional facilities every two years.
The Executive Board takes decisions under its lapse-of-time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.
IMF External Relations Department
Posted by PublicInformationProjects at 02:54
Monday, 26 March 2012
Saturday, 24 March 2012
Posted by PublicInformationProjects at 11:18
Posted by PublicInformationProjects at 02:25
Friday, 23 March 2012
Information reaching chidi opara reports has it that aside from her country’s support, Dr. Ngozi Okonjo-Iweala, Nigeria’s Finance Minister has the support of South Africa and Angola for her bid at the Presidency of the World Bank.
South Africa's Finance Minister, Pravin Gordhan was reported to have said today that his country will seek support for the Nigeria’s Finance Minister’s bid.
Okonjo-Iweala was born on June 13, 1954. She was appointed Nigeria’s Finance Minister for the second time in July 2011. She was the Managing Director of World Bank from October 2007 to July 2011. She also held the position of Finance and Foreign Affairs Minister between 2003 and 2006.
Posted by PublicInformationProjects at 12:25
On the 16th day of March 2012, we caused a letter to be written on our behalf by our Executive Director, Barr. Kayode Ajulo to the Personal Physician of His Excellency Rauf Aregbesola, the Governor of Osun State.
The letter under reference duly authorized by the resolution of the Board of Trustees of Egalitarian Mission, Africa is one of our numerous interventions in Africa towards achieving our mandate which in summary is to promote good governance, principles of equality, adherence to the rule of law and all the tenets of democracy as well as peaceful co-existence in Africa.
It should be noted that our request is not unconnected with vituperative utterances and ostensibly uneasy, higgledy-piggledy, hoarse, rambling, irrational actions of H. E. Rauf Aregbesola, which has become more manifest since his ascendancy as Governor of Osun State and of which H. E. Rauf Aregbesola wittingly and unwittingly has exhibited clear symptoms of insanity.
As expected, our Executive Director has been visited with some obviously sponsored attacks against the Missions committed and permissible request.
While we refuse to join issue with these paid agents, we wish to reiterate that our request has basis in the sacred provision of our Constitution as Section 189 (1) (b) of the Constitution as amended provides for medical examination as may be necessary.
It is our trust that the wellbeing of the government and good people of Osun State presently lies on the shoulder of H. E. Rauf Aregbesola who must not only be fit and proper to carry the duties and responsibilities of office of the Governor of Osun State with excellent level of sanity and good judgment.
It is therefore expected that having put his state of mind into question by his actions and omissions which run contrary to the accepted behaviour of the person of his office, his Personal Physician needs to conduct medical examination on H. E. Rauf Aregbesola, a public officer, to ascertain his state of health and accede to our request.
In view of the above, we still maintain that our request is legal, permissible and constitutional, bearing in mind the provision of Section 182 (1) (c), 189 (1) (b) and section 2 (2) of Freedom of Information Act 2011 LFN for the reason that the sanity of our leaders must be evidently determined, particularly when such leaders have put their sanity into question by their act and/or omission.
We reinforce once again, our determination, having being compelled in the spirit of respect for Section 189 of the Constitution as we refused to be distracted, intimidated, and blackmailed.
We are resolute in our undertakings as we hold it to be true that Osun state, Nigeria and well as the entire Africa community must be governed in accordance with the Law.
For: Egalitarian Mission Africa
Barr. Babs Akinwumi
Director, Media & Publicity
Sadiq D. Jobi
Posted by PublicInformationProjects at 08:29
Thursday, 22 March 2012
|Professor Utomi: CVL Founder|
The entire CVL (Centre for Values in Leadership) team and the Founder Prof Pat Utomiare enormously sad at the news of the passing away of Mr. Isaac Durojaiye aka Otunba Gaddafi, the Founder of DMT Mobile Toilets. We had the privilege of associating with him and he was supposed to lead at the January 2012 experience sharing session of the CVL Club Experience Sharing Forum.Unfortunately, the petrol price crisis and strike led to the postponement of the session.
In our years of association, we found him an epitome of a committed citizen, a remarkable entrepreneur and a humble human being who added value to the lives of people that crossed his path. We call on the next generation of Nigerian youth to emulate his zest for life.
We pray for his peaceful rest and the grace for his loved ones who mournhim to bear it with trust in God.
Posted by PublicInformationProjects at 10:47
Wednesday, 21 March 2012
Every year in African cities thousands of families are thrown out of their homes by the authorities or others without human rights safeguards. These forced evictions shatter lives. People not only lose their homes, but also their possessions and jobs, and children are forced out of school. People living in informal settlements, or ‘slums’, are most at risk because they may lack formal permissions for the place they live.
This is a massive injustice. No-one can be forcibly evicted, no matter where they live. This is illegal under international and regional human rights standards, which African governments have committed to. Often carried out in the name of ‘development’, forced evictions drive people deeper into poverty and result in many people becoming homeless and destitute. Forced evictions are a problem, not a solution, and they must end.
Click Here To Sign Petition
Posted by PublicInformationProjects at 11:57
Monday, 19 March 2012
Sunday, 18 March 2012
Posted by PublicInformationProjects at 08:39