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Kristalina Georgieva, John Kerry Discuss How to Turn Climate Ambitions Into Action

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IMF Managing Director Kristalina Georgieva

As the world emerges from COVID-19, there is renewed impetus to tackle climate change. Ahead of COP26, IMF Managing Director Kristalina Georgieva joined U.S. Special Presidential Envoy for Climate John Kerry to discuss how to turn climate ambitions into action while creating vibrant and inclusive opportunities as part of the transition to the new climate economy as part of IMF and World Bank Group’s Spring Meetings.

“Climate change is a growing risk to macroeconomic stability and to financial stability. But also with the same token climate action, investment in clean technologies and in climate resilience generate green growth and green jobs. This is what the IMF is all about. Stability, employment, growth. And this is why climate is now in the DNA of our institution, at the heart of our work, as we engage in policy discussions with our members. We look at how they can have more successful mitigation and adaptation strategies. As we look at financial stability, we measure climate related financial stability risks and we act on data because good data make good policy,” said Georgieva.

Secretary Kerry shed a light on the new opportunities for jobs and growth a new climate economy would create

“It’s pretty basic economics. The fact is that there is incredible job opportunity, the creation of new jobs in the investments that need to be made in order to deal with the climate crisis. Let me give you an example. The Bureau of Labor Statistics of the United States says there are three jobs that will grow more than 50 percent over the next year. Number one is wind turbine technician. Number two is nurse practitioner; we know why that’s happening. And number three, a solar panel installer. It’s happening now. The market is already moving. It’s moving away from coal. It’s moving to renewables to alternative sustainable energy,” said Kerry

Managing Director Georgieva stressed on the ways in which the IMF can direct membership countries towards a greener future through Programs especially set for vulnerable countries to help them step up through good policies and fiscal space to make sound investments.

“It is hugely important that we recognize dealing with the climate crisis means mitigating, bringing emissions down, but also adapting. We need to walk and chew gum at the same time. And unfortunately, you’re so right, many countries that have done very little to nothing to create this problem are suffering the consequences. This is why it is paramount for the wealthy world to deliver on the promise of a hundred billion dollars a year between now and 2030 to help the developing world accelerate the transition to low carbon, but also adapt. And for us at the IMF, what it means is that we look at ways in which we can help these countries. And in fact, our preoccupation is with adaptation strategies. What can be done for countries to have the financial buffers so when they are hit by shock, they can act and have the means to invest in resilience,” said Georgieva.

She also added that the COVID-19 crisis is proof to how vulnerable the world is to shocks and that collaborative efforts is our way out to a more resilient world.

“We have seen in this pandemic that we are vulnerable to shocks and what is ahead of us is a more shock prone world. To build resilience to the shocks, we ought to invest in people, so they are healthy, educated, protected in tough times and resilient. We have to invest in nature. So, nature is resilient. And of course, we have to continue to invest in the resilience of our economy. I think that the pandemic has put an earring on our ear and it is don’t joke with nature. It also told us we are in this together. We have to work together to get to a more resilient world,” said Georgieva.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Finance

Tanzania: African Development Fund Approves $116 Million Loan to Upgrade Southern Road Corridor

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Afdb - Investors King

The Board of Directors of the African Development Fund on Wednesday approved a loan of around $116 million to the Tanzanian government to upgrade a 160-km Mnivata-Newala-Masasi road corridor in the southern part of the country.

The Bank’s loan represents 98.71% of the project cost; the government of Tanzania will provide the remaining 1.29% in funding.

The project will upgrade the roadway, including the 84-meter Mwiti bridge, to bituminous standard. The works also have social components, including the provision of potable water, education and medical infrastructure, the establishment of cashew nut processing units, and extension of entrepreneurial training to women and youth.

The upgrade is expected to open up rural areas in the region and enhance the Mtwara Development Corridor, which links Mtwara Port and Mbamba Bay port on Lake Nyasa. Exporters, importers, small-scale cross-border traders, farmers, transporters are all expected to benefit.

“The periodic isolation of such a significant population worsens vulnerability and undermines social inclusion. Improved road connectivity would therefore build the resilience of the people and widen livelihood opportunities within the Mtwara Development Corridor and the surrounding districts,” Bank Director General for East Africa Nnenna Nwabufo said.

Overall, the five-year project will improve mobility and accessibility for about 1.1 million people in Mtwara, Tandahimba, Newala and Masasi districts and facilitate integration with neighbouring Mozambique, Malawi and Zambia.

Currently, the districts of Tandahimba and Newala, with an estimated combined population of 509,000 people, are mostly cut off, while connection with the Mtwara port area for essential supplies is severely constrained during rainy seasons due to the state of the road.

The project will advance Tanzania’s current five-year Development Plan (2021-2026) and aligns with the Bank Group’s Country Strategy Paper (2021-2025) which emphasizes sustainable infrastructure for a competitive economy and an improved private sector business environment for job creation, as well as two High-5 strategic priorities: Integrate Africa and Improve the quality of life for the people of Africa.

At 30 June 2021, the Bank Group’s active portfolio in Tanzania comprised 22 operations (19 public and 3 private) with a total commitment of about $2.4 billion.

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Banking Sector

FirstBank Expands Its International Money Transfer Network, Reinforces its Commitment to Customer Service

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FirstBank Headquarter - Investors King

In furtherance of the need to expand diaspora remittance inflow into the country, First Bank of Nigeria Limited has increased its network of International Money Transfer Operators (IMTOs), targeted at easing the accessibility of its customers to receive money from close to 100 countries across the world in a safe and secured manner. With over 750 branches across the country, customers can receive money from the nearest FirstBank branch closest to them.

Over the years, FirstBank has been in partnership with Western UnionMoneyGram, Ria, Transfast, and WorldRemit. The bank is also in partnership with other IMTOs which include Wari, Smallworld, Sendwave, Flutherwave, Funtech, Thunes and Venture Garden Group to promote remittance inflow into the country, thereby putting Nigerians and residents at an advantage in receiving money from their families, friends and loved ones across the world.

Beneficiaries can receive remittance in US dollars in any of our over 750 branches spread across the country. Customers without an existing domiciliary account can have dollar account automatically created for their remittances. You can also receive inflow directly into your account through Western Union.

In addition, FirstBank has launched its wholly owned remittance platform named First Global Transfer product to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa. These subsidiaries include FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal.

Reiterating the Bank’s resolve in promoting diaspora remittances, regardless of where one is across the globe, the Deputy Managing Director, Mr Gbenga Shobo said “at FirstBank, expanding our network of International Money Transfer Operators is in recognition of the significant roles diaspora remittances play in driving economic growth such as helping recipients meet basic needs, fund cash and non-cash investments, finance education, foster new businesses and debt servicing.

We are excited about these partnerships, as it is essential to ensure our customers are at an advantage to receive money from their loved ones and business associates, anywhere they are, across the world.”

FirstBank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

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Finance

Private Sector Seeks FG’s Directive on VAT Payment

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Value added tax - Investors King

The Organised Private Sector of Nigeria (OPSN) on Sunday in Lagos called on the Federal Government to urgently make a pronouncement on the ongoing controversy over VAT payment so that businesses will know what to do.

OPSN chairman, Mr Taiwo Adeniyi, made the call at a news conference and said delays in addressing the issue could cause negative effects on businesses, most especially in the collection and remittances of VAT.

“We are aware that by Sept. 21 we get penalised if we do not pay or remit the VAT for the month of August.

“We are also aware that laws are not made in retrospect. It then means that even if those laws have been enacted, particularly the Lagos State law which came into effect in September, it will not affect the payment by businesses in the state.

“Due to our remittances, we have issues with the fact that the law for Rivers was made in August and the majority of the businesses in Lagos usually will have a relationship with the Rivers State Inland Revenue too.

“The confusion in the public space is the reason we are calling on the government to come to our aid as we want to pay.

“It is for the government at the center to make a pronouncement as to what becomes of us,’’ he said.

Adeniyi, who is also the President of, Nigeria’s Employers Consultative Association (NECA), said that the ongoing challenge had the potential to make businesses pay double VAT in view of demands by the FIRS and state governments.

He said that businesses, as the collecting agents, were practically unclear on the authority to remit to and without a clear path, this would further aggravate the pain on businesses.

“It is a popular saying that where two elephants fight, it is the grass that suffers.

“It is no longer news that Nigerian businesses have been battling with myriads of challenges, making the survival of enterprises and ease of doing business in the country among the worst in this part of the world,’’ he said.

There has been controversy over the collection of VAT after a Federal High Court ruled that it was not the duty of the Federal Government to collect the tax.

VAT is normally collected by the Federal Government since the military era and the money is shared by the three tiers of government.

Following the court ruling, however, Lagos and Rivers states passed laws that allowed them to collect VAT.

FIRS, which used to collect the VAT on behalf of the Federal Government, has challenged the court ruling at the appellate court.

OPSN comprises the Manufacturers Association of Nigeria, the Nigeria Association of Chambers of Commerce, Industry, Mines and Agriculture, NECA, Nigeria Association of Small Scale Industries and the Nigeria Association of Small and Medium Enterprises.

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