Business
Crisis Shots World Bank Lending To $100bn
The World Bank has committed a record 100 billion dollars in financial support in 18 months to help developing countries recover from the global economic crisis, it was announced on Wednesday.
The Bank stepped up lending in July 2008 at the request of member countries, as demand from developing countries increased in the face of a worsening world recession and sharp drop in global trade.
The bulk of the lending since the onset of the crisis in 2008, about 60.3 billion dollars, was to middle-income countries, which struggled to borrow on global financial markets.
Typical lending for the countries had a averaged about 15 billion dollars a year before the crisis.
Meanwhile, loans and grants through the Bank’s fund for the world’s poorest countries, reached 21.2 billion dollars during the crisis.
The figure is in contrast to about 12 billion dollars a year prior to the crisis.
Kyle Peters, World Bank Director for Country Services, said such demand was natural for countries facing economic stress.
“A lot of countries wanted to make sure that social safety nets were expanded both in terms of the amount of support and the number of people who needed them,” he said.
“As governments saw their revenues shrink, due to the fall in global demand, countries turned to the World Bank for budget support to avoid cuts in spending for social programmes,” he said.
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NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
