$3.4bn fund: IMF releases terms and conditions to CBN – The International Monetary Fund has released a list of terms and conditions the Central Bank of Nigeria must fulfil as part of a fresh ‘safeguards assessment’.
The new safeguards assessment is fallout of the $3.4bn emergency financial assistance the IMF gave to the Federal Government to address the economic impact of the COVID-19 pandemic on the country.
According to a FACTSHEET on the IMF website, safeguards assessment of central banks is aimed at protecting IMF’s resources, and to “ensure that loans to member countries are repaid as they fall due so those resources become available to other members in need.”
“When the IMF provides a loan to a country, a due diligence exercise is carried out to obtain assurance that the country’s central bank receiving IMF resources is able to manage the funds and provide reliable information,” the fund further explained in the FACTSHEET.
The assessment, which was further described as a diagnostic review of a central bank’s governance and control framework, involves five key areas including external and internal audit mechanisms, legal structure and autonomy, financial reporting and system of internal controls.
The Federal Government agreed to undergo a fresh safeguard assessment in a Letter of Intent it sent to the IMF as part of the application for the $3.4bn emergency financial assistance.
The letter, addressed to IMF Managing Director, Kristalina Georgieva, and dated April 21, was jointly signed by the Finance Minister, Zainab Ahmed, and the CBN Governor, Godwin Emefiele.
The letter was published in a staff report on Nigeria’s request for the Rapid Financing Instrument, which was approved by the IMF on Tuesday.
Parts of the Letter of Intent read, “In line with IMF safeguards policy, we commit to undergoing a new safeguards assessment conducted by the fund.
“To this end, we have authorised IMF staff to hold discussions with external auditors and provide IMF staff access to the CBN’s most recently completed external audit reports.
“We do not intend to introduce measures or policies that would exacerbate the current balance-of-payments difficulties.
“We do not intend to impose new or intensify existing restrictions on the making of payments and transfers for current international transactions, trade restrictions for balance-of payments purposes, or multiple currency practices, or to enter into bilateral payments agreements which are inconsistent with Article VIII of the IMF’s Articles of Agreement.”
Article VIII provides in sections 2 and 3 that members shall not impose or engage in certain measures, namely restrictions on the making of payments and transfers for current international transactions, discriminatory currency arrangements, or multiple currency practices, without the approval of the fund.
The IMF, in the staff report, acknowledged that Nigerian authorities had committed to “undergoing a safeguards assessment as soon as feasible”.
“They (Nigerian authorities) will provide fund staff with the necessary central bank audit reports and have authorised the external auditors of the Central Bank of Nigeria to hold discussions with staff,” the IMF noted in the staff report.
The government promised to scale up the anti-corruption campaign, and assured of transparent management of the $3.4bn and other funds received to address the impact of the COVID-19 pandemic.
The letter specifically stated that the government would commission an independent audit into its emergency response expenditures.
Noting that anti-corruption efforts will continue unabated, the Federal Government said it would strengthen the role of the Federal Audit Board in combating corruption.
The government also expressed its commitment to strengthening the country’s asset declaration framework.
The letter added, “We (Federal Government) fully recognise the importance of ensuring that financial assistance received is used for intended purposes.
“To that end, we will create specific budget lines to facilitate the tracking and reporting of emergency response expenditures and report funds released and expenditures incurred monthly on the transparency portal (http://opentreasury.gov.ng/).”
Putting the estimated cost of the COVID-19 emergency response plan as at least $1.4bn, the Federal Government said it would require additional $11bn in 2020 to close the fiscal financing gap resulting from the shock occasioned by the pandemic.
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INTRODUCTION
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INTRODUCTION
LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
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Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?…
GOOD DAY MA/SIR
Apologies ADMIN
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INTRODUCTION
Smile 2 Wealth Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s in LAGOS state. You can find out more by visiting
The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
NO+2347026536478
ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one partExample if you invest with 50k within 45mins we make profit of 150k then send 100k to you then profit 50k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
Note:you get credited in less than 45mins
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the neccessary actions, but the next time you want to complain about not having money, just know that you are your own problem.??
In line wit d certification from d above listed governmental agencies and commission is worth atry.
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
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Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. ? ? ?