COVID-19: World’s Economy In Recession, Worse Than In 2009, Says IMF

Hamilton Nwosa
Writer

Ad

EFCC Begins Manhunt for Sujimoto CEO, Ogundele, over Alleged Fraud, Money Laundering

By Obinna Uballa The Economic and Financial Crimes Commission (EFCC) on Friday declared Olasijibomi Ogundele, a Lagos-based businessman, wanted over alleged diversion of funds and money laundering. Ogundele is the chief executive officer (CEO) of Sujimoto Luxury Construction Limited. The company deals in real estate. The anti-graft agency declared Ogundele wanted in a notice published…

Joe Biden Undergoes Surgery for Cancer

Immediate past President of the United States, Joe Biden has reportedly undergone a surgical procedure to remove skin cancer lesions. This was disclosed by Biden’s spokesperson, Kelly Scully, who told the press that the surgery addressed a visible scar on the former President's forehead. According to reports, the procedure, a technique that removes thin layers…

Nigerians React as FG Seeks Fresh $1.75bn World Bank Loan Despite Revenue Surge

By Obinna Uballa Nigerians have expressed anger on social media following revelations that the Federal Government is seeking an additional $1.75bn loan from the World Bank, despite announcing that it had already met and exceeded its 2025 revenue target. The Presidency recently disclosed that revenue collections between January and August 2025 hit N20.59tn, a 40.5…

Ad

The world’s economy has entered a recession and requires massive funding to help developing nations, Ms Kristalina Georgieva has declared.

Georgieva, the Managing Director of the International Monetary Fund (IMF), explained that this was as a result of the coronavirus (COVID-19) pandemic that has killed thousands of people around the world.

She stated this on Friday at a press briefing following a Conference Call of the IMF and Financial Committee (IMFC).

“We have reassessed the prospect for growth for 2020 and 2021. It is now clear that we have entered a recession – as bad as or worse than in 2009,” Georgieva announced.

She added, “We do project recovery in 2021 – in fact, there may be a sizeable rebound, but only if we succeed with containing the virus – everywhere – and prevent liquidity problems from becoming a solvency issue.”

IMF

@IMFNews

.@KGeorgieva: It is now clear that we have entered a recession. We project a rebound in 2021, but only if we contain the virus and prevent liquidity problems from becoming a solvency issue. https://ow.ly/ryji50yXK6P 

Ad

X whatsapp