Warning On Fraud Schemes Misrepresenting Ifcs Name
In light of a resurgence of “advance fee fraud schemes” misusing the International Finance Corporations name, IFC is warning against investment deals and advance fee schemes that fraudulently invoke the institutions name or claim to be affiliated with it or the World Bank Group.
Like many other large organizations, we have seen increased use of sophisticated forms and letterhead that appear to be legitimate IFC email correspondence or certificates. IFCs name can be falsely invoked to give the scheme the appearance of authenticity and, in some cases, the wrongdoers may use the names of actual IFC staff members to bolster the credibility of the scam.
Advanced fee fraud schemes involve solicitations that encourage potential victims to provide personal information such as signatures or bank account information, and to pay certain advance fees, often described as “processing fees” or finders fees. In return, the potential victim is promised sums of money which the scammer has no intention of paying. Police estimate that thousands of these advance fee fraud solicitations only a very small fraction involving the use of IFCs name are sent by e-mail every week and are addressed to individuals and companies around the world.
You can find more information about fraudulent investment schemes that misuse our name here.
What Is The Fund Doing To Help Countries During The Coronavirus Crisis
The IMF has responded to the coronavirus crisis with unprecedented speed and magnitude of financial assistance to member countries, especially to protect the most vulnerable and set the stage for inclusive and sustainable recovery. As IMF Managing Director Kristalina Georgieva noted ahead of the: The global economy is on firmer footing as millions of people benefit from vaccines. But while the recovery is underway, too many countries are falling behind and economic inequality is worsening. Strong policy action is needed to give everyone a fair shota shot in the arm to end the pandemic everywhere, and a shot at a better future for vulnerable people and countries.. In this trying time, the IMF continues to support countries on the path to recovery by providing policy advice, financial support, capacity development, and debt relief for the poorest.
The Funds actions are focused on the following tracks:
World Bank Grants In Nigeria For Small Business
A. What is a Small Business Grant?
A small business grant is the degree of funding made available to an entrepreneur to start a new business or to expand an existing one. Unlike the case of what obtains with loans, not all grants are will be required to be paid back by the financier. Usually, small business grants come from various sources like government-empowered organizations, international organizations, and non-governmental organizations.
B. Types of Small Business Grants in Nigeria.
Small business grants are available in different scenarios, such as the following:
This is a cash award, given as part of the start-up capital or expansion budget for a business. The cash award makes up part of the total cost.
Most awarded of this type of grants will require that the applicant himself/herself have a substantial cash investment in the overall total of the required capital.
- Repayable Grant:
This kind of grant is offered without interest to a business owner. It is expected that the entrepreneur pays back over a period of time from future revenues gained from the business operation.
However, in the eventuality that the business fails or collapses, the repayment of the grant is scrapped out.
This is a form of a grant that is structured like a loan, the difference is that the interest may be very minute or non-existent. The repayment plans are way relaxed and spread thinly over a large period of time.
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World Bank Approves First Grants To Somalia In 30 Years
3 Min Read
NAIROBI The World Bank has approved $80 million in grants to Somalia to fund public finance reforms, marking the first disbursement to the government of the conflict-ridden country in 30 years, the bank said.
The Washington-based lender, which suspended ties with the country when war broke out in 1991, resumed support for Somalia in 2003, at the time saying it would focus on HIV/AIDS and livestock programs with other organizations, but it has not approved any direct lending to the government to date.
It reopened direct ties with Somalias federal government in early 2013.
Its board had approved financing of $60 million for the Recurrent Cost and Reform Financing Project and $20 million for the Domestic Revenue and Public Financial Management Capacity Strengthening Project, it said in a statement late on Tuesday.
They represent a milestone in Somalias development and reconstruction, the bank said.
The bank said it would also work with the government in Mogadishu to improve services like education and healthcare, access to clean water, energy and finance for its citizens under a program called Country Partnership Framework.
Somalias economy was forecast to grow by an average of between 3.5 and 4.5 percent annually in 2019-2022, when the partnership on social services will run, the bank said.
Reporting by George Obulutsa, Editing by Duncan Miriri and William Maclean
What Do Countries Need To Do To Qualify For Emergency Assistance
Any IMF member may apply for emergency assistance. There are some requirements for support under the Rapid Credit Facility and Rapid Financing Instrument , including that the countys debt is sustainable or on track to be sustainable, that it has urgent balance of payments needs, and that it is pursuing broadly appropriate policies to address the crisis . We also take into account any debt restructuring operation underway and its prospects for success, which underscores the importance of every stakeholder making an effort to support countries in distress.
For countries that have existing Fund arrangements in place, it may be appropriate to augment and/or rephase access under the arrangements, or in cases where that may not be feasible to do on a timely basis, they may request support under the RCF or RFI.
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World Bank Approves $1143m Grant For Nigeria To Boost Covid
The grant includes $100 million credit from the International Development Association and $14.28 million from the Pandemic Emergency Financing Facility to prevent, detect and respond to the threat with a specific focus on state level responses.
Through the COVID-19 Preparedness and Response Project , the World Bank said the Nigerian government would provide grants to the 36 states and the Federal Capital Territory .
The grant would enable Nigeria to grant immediate support to break the chain of COVID-19 local transmission and limit the spread through containment and mitigation strategies.
Grants to states, the World Bank said, would be conditional on states adopting COVID-19 response strategies which are in line with the federal governments guidelines and strategies.
CoPREP will enhance the institutional and operational capacity for disease detection through provision of technical expertise, coordination support, detection, diagnosis and case management efforts in all states and the FCT as per the WHO guidelines in the Strategic Response Plan, the World Bank said.
The CoPREP project, Mr Chaudhuri said, would provide the states with much needed direct technical and fiscal support to strengthen their position in combating the pandemic.
Support To Key Financial Markets
We are intervening to support key financial markets to ensure they continue to function properly.
In times of market turmoil, financial institutions may be reluctant to act in their normal role as market makers for bonds and other financial assets. Market makers hold inventories of securities and quote prices at which they will buy and sellactivities that may become prohibitively risky when the prices of these securities are fluctuating widely. Buyers and sellers may then find it difficult to tradein other words, the market becomes illiquid.
This is particularly problematic in the case of friction in the market for Government of Canada bonds, which are often held as the safest Canadian-dollar asset. Those holding a bond may find it difficult to sell it to obtain cash, while those wishing to buy a bond for its safety may be unable to obtain it. Given the central role of Government of Canada bonds, including as a benchmark for other interest rates, such market illiquidity can have pervasive effects through the financial system.
As key financial markets became strained during this period, the Bank established several large-scale asset purchase programs to increase liquidity in core funding markets. With core markets functioning normally and the economy reopening, we have discontinued the market liquidity facilities.
The following programs have been discontinued:
Balance sheet expansion
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How Will The Imf Support Countries In Their Climate Action During The Recovery
Climate change is a fundamental risk to economic and financial stability. In April 2021, the International Monetary and Finance Committee stressed that IMF has an important role in responding to members diverse needs for guidance on the macroeconomic and financial implications of climate change issues. In line with the Paris agreement, the IMF is committed to helping its members to addressing climate change through measures to accelerate the transitions to greener societies and job-rich economies, while protecting those adversely affected. These comprise a range of fiscal, market, and regulatory actions, mechanisms, and policy mixes, taking into account country-specific factors.
This means actions in four key areas:
First, integrating climate in our annual country economic assessments our Article IV consultations. In highly vulnerable countries we focus on adaptation and we are building up mitigation analysis, including carbon pricing, in our assessments of large emitters.
Second, including climate related financial stability risks in our financial sector surveillance through standardized disclosure of these risks, enhanced stress tests and assessments of supervisory frameworks.
Third, scaling up climate in our capacity development to help equip finance ministries and central banks with the skills needed to take climate considerations into account.
Shouldnt The Imf Ask A Countrys External Creditors To Forgive Their Loans Cant The Imf Force Creditors To Do This
The IMF cannot interfere in debt contracts between countries and their creditors. These are contracts to which the IMF is not a party.
It is always the member countrys decision whether to restructure its debt or not, and the IMF advises members to stay current on their obligations to the extent possible. The IMF cannot lend if a countrys debt is unsustainable unless the country is taking steps to restore debt sustainability.
The debt restructuring negotiations, and the specific terms of the debt restructuring, as well as the decision on what debt to include in the restructuring, are left to the authorities and their legal and financial advisors.
In the context of a sovereign debt restructuring, based on a realistic debt sustainability analysis , the IMFs role is to determine the financing envelope that needs to be filled with financing/debt relief. The IMFs objectives are that the debt restructuring achieves high creditor participation and restores debt sustainability consistent with the DSA. The IMF does not manage the debt restructuring process.
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The Imf Is Calling For Countries To Implement Green Recovery Plans Will There Be Any Conditionality Tied To This If Not How Will You Be Able To Enforce It
In the immediate crisis-containment phase, the scope to implement green recovery plans may be limited, given the overriding priority of providing urgent relief to households and firms, which should not be delayed.
However, as countries move from containment and stabilization to recovery, green recovery plans will likely be reflected in IMF-supported programs where structural reforms are critical for macroeconomic developments.
Reforms could include public investment projects focused on boosting climate-smart technologies or helping adaptation drafting a medium-term climate plan or financing additional climate spending with green bonds. The inclusion of specific reforms as conditionality will depend on the criticality of the reforms for achieving the goals of the program, taking into account the circumstances of the member.
World Bank Approves Us$20 Million Grant To Support Covid
WASHINGTON April 2, 2020 The World Bankâs Board of Executive Directors approved a US$20 million grant for the Haiti COVID-19 Response Project. This project aims to respond to the threat posed by COVID-19 through testing and improved treatment in Haiti.
The rapidly evolving COVID-19 pandemic requires urgent action to prevent outbreak and save lives in Haiti, said Anabela Abreu, World Bank Country Director for Haiti. The World Bank is working in partnership with the Haitian Government and donor community to respond effectively to the threat posed by COVID-19 by preparing the countrys medical system to diagnose and treat this infection.
Haiti faces significant risks from the COVID-19 pandemic. Since the first cases have been officially confirmed, the risk of local transmission has increased, and a state of emergency was declared on March 20. Vigorous response measures will be essential to reduce the spread of the virus, otherwise there is a high potential for the number of COVID-19 cases in Haiti to rise significantly.
Financing for this project is a grant from the International Development Association, as part of new Fast Track Financing approved by the WBG on March 3, 2020 to help countries worldwide face this pandemic.
World Bank Group COVID-19 Response
In Port au Prince, Peleg Charles, +509 4891 6327, In Washington, Hannah McDonald-Moniz, 1 458-2896
For more information, please visit: www.worldbank.org/haiti
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Benefits Of Using Federal Government Grant
Using the FGG system makes it faster, easier and more cost effective for grant applicants to electronically interact with federal grant-making agencies. It also provides the following key benefits, among many others, to the grant community.
Helping the grant community learn more about available opportunities.
- Centralizing more than 1,000 different grant programs across federal grant-making agencies awarding more than $500 billion annually.
- Standardizing grant information, application packages and processes for finding and applying for federal grants.
Facilitating interaction with the federal government.
- Streamlining the federal grants process by eliminating the need to navigate complex processes to find and apply for federal grants.
- Registering once to apply to as many federal agencies and grant programs as needed with just one secure login.
Simplifying the grant application process to save applicants costs, time and hassle.
- Eliminating the need to expend resources, time, postage and reproduction costs associated with traditional paper-based grant applications.
- Reducing training costs related to learning several different grant application systems and processes.
Making it easier to research and find federal grant opportunities.
Making electronic grant application processing easier.
Providing a secure and reliable source to apply for federal grants.
Your Choice Of Grant
Great News You Are Eligible To Receive A Government Grant
The government does not contact individuals to award grants for which there has been no application. An individual who makes this claim is not from the government and could be trying to collect private personal data from you, such as your Social Security number, bank account number or other such information.
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Government Grants For Seniors
Government HELP FOR OLDER PERSONS : All at some point in our life, we will need the support of a public institution designed to help older adults. Whether for a medical, economic issue or a place to stay. those aimed at attending to the state, situation of need or fact in which the recipient is found or supported as a result of their age, and that affect their personal, social and economic autonomy, Government Grants for Over 50 in order to achieve their normal human or social development. Therefore, it is essential to know the benefits of the various programs and their income requirements.
Types of Government grants for elder peoples
Complementary : intended to alleviate situations of first necessity, in relation to food and health expenses of the elderly.i.e
Why Are Some Countries Ineligible For Imf Financing Shouldnt There Be Exceptions During A Pandemic And Why Is The Imf Concerned About Debt Sustainability During The Crisis
Under the IMFs Articles, the IMF may only provide its general resources under adequate safeguards and to assist members to solve their balance of payments problems. Debt sustainability is a key safeguard for IMF resources.
Debt sustainability is a key factor for two related reasons. First, IMF lending into an unsustainable debt situation would further exacerbate debt and balance of payments problems rather than resolving them. Second, because IMF lending is revolving, it is essential that members be in a position to repay their loans, so that in the future, sufficient funds exist for the IMF to lend to other countries in need. Therefore, the IMF is required to establish, before it lends, that the borrowing countrys debt is sustainable, and that it will be able to repay that debt.
When the IMF determines that a countrys debt is not sustainable, it is precluded from lending unless the member takes steps to restore debt sustainability over a realistic period. In such cases, it would be critical to resolve the debt burden and not to overburden the economy, for example, by imposing unrealistic fiscal targets through higher taxes and reduced public spending. However, it is the country authorities decision whether to approach their creditors to begin debt restructuring discussions that would deliver the necessary relief. The IMF can proceed with lending once it has adequate assurances that debt sustainability will be restored.
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