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IMF/IMFC Warns Russia-Ukraine War Has Humanitarian Consequences

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IMF - Investors King

The new Chair of the International Monetary and Financial Committee (IMFC) issued a statement recognizing that Russia’s war against Ukraine has massive humanitarian consequences and detrimental repercussions for the global economy in Washington, DC on Thursday.

The IMFC called for a speedy resolution through diplomatic channels, including “political dialogue, negotiations, mediation and other peaceful means.”

“The statement shows that there has been a constructive and intense dialog at the IMFC as there is an agreement on all elements related to the important work of the institutions. All IMFC members welcome the Managing Director’s Global Policy Agenda. There was not only consensus on the work of the institution, but also on the critical policies that members will need to take, and I should add that there was a very close engagement and dialog amongst all countries on the substantive work of the institution and its policies. If there has been a time for multilateralism, it is now. And against this truly challenging background, we need the international community to come together, stand strong, and demonstrate our full commitment to cooperation,” said Nadia Calviño in a virtual press briefing co-chaired by IMF’s Managing Director Kristalina Georgieva held in Washington, DC.

A new IMF tool created to service members needing longer maturity for longer term transformation, in particular climate change and pandemics, received significant financial backing. Twelve countries stepped forward to support the Resilience and Sustainability Trust (RST). Now the RST has about $40 billion in commitments which can be credibly moved towards the implementation of the trust’s goals.

“We do face a war in Europe. It is creating all the impacts, including making it possible to have a communique with everybody signing in on it. But the overwhelming majority of the membership sees this crisis as proof that we have to cooperate, compare notes on policies, find ways in which we can act in solidarity and this is why I find it remarkable that we got nearly around $40 billion in commitments the first time we openly ask for support for Resilience and sustainability trust because it is walking this talk, it is a demonstration that we need each other,” said Georgieva.

Georgieva announced yesterday (Wednesday, April 20) in her press briefing on the Global Policy Agenda that the IMF has been engaged very closely with the Ukrainian Ministry of Finance on the estimates they have provided of what would be necessary to retain the functioning of the Ukrainian economy over the next three months. The Ukrainian financial authorities came up with the number of $5 billion a month.

“Five billion is the estimate of Ministry of Finance and more broadly the financial authorities of Ukraine for what is their monthly financial gap for the next couple of months. Our staff has worked on verifying, ascertaining, whether this amount broadly is the right, the right order of magnitude, and they confirm that indeed for the observable future, for the next couple of months, this is an amount that would be necessary to provide for Ukraine’s performing its functions in terms of paying salaries, pensions, paying for social services, for the displaced population and of course, the costs that are coming up on top of the normal payments related to the war,” said Georgieva.

The IMF provided Ukraine with $1.4 billion in emergency financing that is now in the Special Drawing Rights account of Ukraine. The IMF also is starting preliminary discussions for a full-fledged program for Ukraine once the conditions in the country allow it.

Calviño concluded her remarks by emphasizing the role of the IMF in reinforcing existing instruments for financial support to middle-income and vulnerable countries.

“I would like to emphasize that there was a unanimous call on the International Monetary Fund to press ahead and to reinforce existing instruments for financial support in particular to most vulnerable countries. Not only also middle-income countries are going to be accessing some of the newly created instruments. And there was also a unanimous commitment to reinforce the common framework to making it operational and to try to have a clear concrete calendar, clear deliverables, thanks to the strong engagement of some key players,” said Calviño.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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President Tinubu to Inaugurate Newly Paved Roads to Apapa, Tin Can Ports

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Bola Tinubu

President Bola Tinubu is set to inaugurate the newly constructed paved roads leading to the Apapa and Tin Can Island ports in Lagos on Saturday.

This development is anticipated to bring significant relief to port users and operators who have endured years of hardship due to the previously dilapidated roads and severe traffic congestion in the area.

The commissioning of these roads marks a major milestone in the government’s efforts to improve infrastructure and boost economic activities around the nation’s busiest ports.

The newly paved roads are expected to enhance the flow of goods and services, reduce operational costs for businesses, and alleviate the chronic traffic bottlenecks that have plagued the Apapa and Tin Can Island areas.

President Tinubu, who is scheduled to arrive in Lagos on Saturday morning, will perform the inauguration as his first assignment of the day.

The ceremony signifies a commitment to addressing the infrastructural challenges that have long hindered the efficiency of Nigeria’s maritime sector.

Mohammed Koko, the Managing Director of the Nigerian Ports Authority (NPA), highlighted the importance of this project earlier this year.

He emphasized the NPA’s “zero tolerance for all forms of impediments to the free flow of traffic” and reiterated the agency’s dedication to improving port operations.

“Our zero tolerance for all forms of impediments to free flow of traffic is no fluke,” Koko said, noting that the rehabilitation efforts are aimed at consolidating gains achieved first in Apapa and now extending to Tin Can.

In January 2024, President Tinubu directed the Federal Ministry of Works to urgently and comprehensively repair the access roads to the Lagos Port Complex and Tin-Can Island Port Complex.

The Minister of Marine and Blue Economy, Adegboyega Oyetola, echoed the urgency of this directive, pointing out that the poor condition of the port access roads had significantly increased internal logistics costs for importers and exporters.

“The dilapidated port access roads increase the cost of internal logistics for importers and exporters,” Oyetola noted.

The improved road infrastructure is expected to curb the exodus of businesses from the Apapa and Tin Can Island areas, which had been driven away by the severe logistical challenges.

The restoration of these critical routes is also anticipated to enhance Nigeria’s competitiveness in international trade by facilitating smoother and more efficient port operations.

Following the inauguration of the port access roads, President Tinubu is also scheduled to flag off the Lagos to Calabar coastal road project at Victoria Island in Lagos.

Also, he will virtually inaugurate the newly rehabilitated 3rd Mainland Bridge, further underscoring his administration’s commitment to revitalizing Nigeria’s infrastructure.

The series of inaugurations and project launches underscore a broader strategy to enhance connectivity, reduce operational bottlenecks, and stimulate economic growth through improved infrastructure.

The completion of the Apapa and Tin Can Island port roads is a pivotal step in this direction, promising a new era of efficiency and productivity for Nigeria’s maritime sector.

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Iran Set for Presidential Elections on June 28 Following Raisi’s Tragic Death

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Ebrahim Raisi

The political landscape in Iran was abruptly reshaped following the untimely demise of President Ebrahim Raisi in a helicopter crash over the weekend.

Now, the nation is poised for a significant transition with presidential elections scheduled for June 28 as reported by the semi-official Tasnim news agency.

Vice President Mohammad Mokhber will assume the role of president in the interim, in accordance with the constitution of the Islamic Republic.

This unexpected development comes in the wake of a tragic accident that claimed the lives of Raisi and eight others, including Foreign Minister Hossein Amirabdollahian, in north-western Iran.

The government attributed the crash to adverse weather conditions and dense fog in the mountainous region.

As Iran prepares for the upcoming elections, candidates will have the opportunity to register starting May 30.

However, prospective candidates will undergo thorough vetting by the Guardian Council, a body comprising 12 clerics and jurists responsible for administering elections.

The council’s scrutiny is anticipated to be particularly stringent, given the unexpected vacancy in the presidency and the significance of the upcoming transition.

While Vice President Mokhber has assumed leadership in the interim period, it remains uncertain whether he will contest the presidential elections himself.

Speculation abounds as to who will emerge as the frontrunner in the electoral race, with many analysts suggesting that the clerical establishment and Supreme Leader Ayatollah Ali Khamenei may prefer a candidate aligned with Raisi’s ultraconservative stance, characterized by deep-seated distrust of the United States and Israel.

Raisi’s tenure as president was marked by polarizing policies and events.

His association with mass arrests and executions following violent protests in 2022, sparked by the death of Mahsa Amini while in custody for allegedly violating Iran’s dress code, stirred controversy both domestically and internationally.

As such, his passing has not only left a void in Iran’s leadership but has also raised questions about the future trajectory of the nation’s politics.

With the presidential elections fast approaching, Iran finds itself at a critical juncture, grappling with the aftermath of a tragic loss while navigating the complexities of its political landscape.

As the nation mourns the passing of President Raisi, all eyes are now on the forthcoming electoral process, which is poised to shape Iran’s future in the post-Raisi era.

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Iran Mourns: Helicopter Crash Claims Lives of President Raisi and Foreign Minister Amirabdollahian

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Ebrahim Raisi

A tragic helicopter crash has claimed the lives of President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian, sending shockwaves across the nation and plunging the country into mourning.

The fatal incident occurred in Iran’s East Azerbaijan province, where the helicopter carrying the two senior officials and several other passengers crashed, resulting in the loss of all on board.

The crash site, now a scene of charred wreckage, stands as a somber reminder of the untimely demise of these key figures in Iranian politics.

President Raisi, who assumed office in August 2021, was widely regarded for his commitment to serving the Iranian people and advancing the nation’s interests on the global stage.

His tenure as president was marked by efforts to strengthen Iran’s position in regional affairs and enhance diplomatic relations with neighboring countries.

Foreign Minister Amirabdollahian played a pivotal role in shaping Iran’s foreign policy, particularly in fostering closer ties with neighboring nations in the Middle East, including Arab countries across the Gulf.

His diplomatic acumen and dedication to advancing Iran’s interests earned him respect both domestically and internationally.

The news of their tragic deaths has elicited an outpouring of grief and condolences from leaders and citizens alike, both within Iran and abroad.

Malaysian Prime Minister Anwar Ibrahim expressed his deep sadness over the loss, highlighting President Raisi’s commitment to justice, peace, and the upliftment of the Muslim world.

Similarly, the European Union extended its sincere condolences to the families of President Raisi and Foreign Minister Amirabdollahian, acknowledging the profound impact of their untimely passing on the Iranian nation.

The helicopter crash not only robbed Iran of two of its most prominent leaders but also left a void in the country’s political landscape.

As the nation grapples with this immense loss, tributes pour in from all corners, commemorating the contributions of President Raisi and Foreign Minister Amirabdollahian to the advancement of Iran’s interests and the well-being of its people.

The legacy of these esteemed leaders will endure in the hearts and minds of Iranians, serving as a guiding light for future generations as they navigate the complexities of governance and diplomacy in an ever-changing world.

Iran mourns the loss of two of its finest sons, whose dedication and service will be remembered for years to come.

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