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AfDB, American Bank Support IMF’s Groundbreaking Decision

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The International Monetary Fund’s (IMF) Executive Board has given its approval for the inclusion of hybrid capital as an eligible instrument to channel Special Drawing Rights (SDRs). This decision has garnered support from the African Development Bank Group (AfDB) and the Inter-American Development Bank (IDB).

The innovative solution proposed by AfDB and IDB aligns with the IMF’s criteria for international reserve-asset status. As a result, countries that lend their SDRs through this approach can continue to account for them as reserves, as per IMF rules.

This SDR-based hybrid capital channeling solution will play a crucial role in unlocking new lending opportunities by Multilateral Development Banks (MDBs) to address pressing global challenges, including climate change and food security. By leveraging SDRs, the AfDB, IDB, and other MDBs can provide loans for development projects at a ratio of at least $4 for every $1 equivalent of SDRs.

In a time of limited resources and multiple crises, this innovative financial solution presents a unique value proposition for governments worldwide. The next step involves securing a minimum of five investors willing to channel their SDRs through MDBs. The AfDB and IDB will continue their discussions with SDR holders to advance this groundbreaking approach.

Dr Akinwumi Adesina, President of the African Development Bank, expressed his enthusiasm, stating, “The international community now has an innovative approach to mobilize development financing with a multiplier effect and at no cost to taxpayers. These are the types of solutions we need to address Africa’s growing development challenges.”

Dr Ilan Goldfajn, President of the Inter-American Development Bank, also welcomed the IMF Executive Board’s decision, highlighting the cost-efficient means to finance sustainable development projects, enhance climate resilience, reduce poverty and inequality, and foster inclusive growth in member countries.

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The G20 has recommended that MDBs optimize the use of their balance sheets through financial innovation to increase lending capacity and support countries in addressing urgent development challenges.

In April, leaders from ten MDBs released a Viewpoint Note and announced collaborative efforts to work more effectively as a system and amplify the impact and scale of their work.

SDRs are international reserve assets established by the IMF to supplement the official reserves of member countries. Their value is based on a basket of major world currencies, including the US dollar, Euro, Chinese Yuan, Japanese Yen, and British Pound.

The most recent general allocation of SDRs by the IMF occurred in 2021, with approximately $650 billion issued to assist countries in responding to the COVID-19 pandemic.

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Gen. Katunku Simon Gora, A Leader With Humility, Purpose, Positive Heart For Service

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By Tambaya Julius, Abuja

I’AM ROOTED IN HUMANITY AND DRIVEN BY IMPACTIVE SERVICE:

With nearly 30 years of exemplary military service behind me, my approach to leadership has always been anchored in humility and a profound respect for every individual. These principles are not mere concepts; they are deeply embedded values that influence every decision and action I take.

I firmly believe that true love and genuine selfless service can only originate from God. It is His presence within our hearts, minds, and strength that empowers us to extend sincere care and support to one another. My faith has been the guiding force, shaping my view that life’s true rewards come not from accolades, but from lifting others in their time of need.

Witnessing suffering – whether through poverty, disease, or adversity – stirs a deep compassion within me. I remain steadfast in my hope that one day, the essential needs of every community will be fully met. This vision continues to inspire my goals and fuels my enduring commitment to service.

MY LIFE BUILT ON PURPOSE AND INTERGRITY:

Integrity stands at the core of everything I do. I believe in living authentically, staying true to the person I am, while always striving to evolve into the person I am destined to become. God has blessed each of us with the gift of free will, and with it, the profound responsibility to use that freedom wisely.

Every goal I set is purposeful, pursued with enthusiasm, and carried out with unwavering dedication. Regardless of the final result, I find contentment in knowing that I have given my best, embracing each outcome with gratitude and humility.

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Purpose, for me, is not a mere ambition; it is the reason for living. It is about making a tangible impact, however big or small, and knowing that one’s life has contributed meaningfully to the world.

FULFILLING MY CALLING OF SERVICE:

The most profound mission in life, I believe, is to answer the call for which we were created. Whether on the battlefield, within the community, or through personal growth, I have always sought to serve a purpose greater than myself.

Every act of service, no matter how modest, contributes to a larger tapestry of positive change. I am committed to ensuring that my time, my talents, and my energy are dedicated to making a difference leaving behind a legacy of compassion, strength, and hope.

To me, success is not measured by personal achievements alone but by the lives we touch and the hope we inspire. If through my service I can make even the smallest difference, then I believe I have truly fulfilled my purpose.

WE MUST UNITE IN PROGRESS AND HOPE:

I firmly hold to the belief that unity is our greatest strength. “United we stand, divided we fall” is more than just a phrase; it is a timeless truth that reminds us of the power of collective effort. By standing together, supporting one another, and striving for common goals, we create a future rich with promise and opportunity.

Growth and progress are not achieved in isolation. They flourish when communities come together, bound by mutual respect, understanding, and a shared commitment to a better tomorrow. It is through unity that we overcome adversity, and through cooperation that we achieve lasting success.

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The journey ahead may be filled with challenges, but with a spirit of togetherness and an unwavering focus on service and integrity, I am confident that we can continue to grow, prosper, and uplift one another.

I STAND ON LEGACY OF SERVICE AND FAITH:

As I reflect on my life’s journey, I remain deeply grateful for the experiences that have shaped me. Every moment of service, every challenge faced, and every act of compassion has reinforced my belief that a life of humility, purpose, and unwavering faith is a life well lived.

May we all strive to serve with heart, live with purpose, and unite in a spirit of hope and progress. Together, there is no limit to what we can achieve.

United We Stand – Divided We Fall. Together, We Grow and Progress!

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Kaduna State to hold education summit – Commissioner

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Kaduna State Government will convene an Education Summit as part of its strategy to bring about transformative change in the education sector, which will be anchored on four strategic pillars.

The Commissioner for Education, Professor Muhammad Sani Bello, who disclosed this while inaugurating the steering committee, further said that the event will be titled KADA EDUPACT International Summit 2025″.

According to him, one of the pillars is the Policy/Governance/Innovative Education Financing Pillar.

The Commissioner also listed the Access and Retention, Credible Learning Outcomes From Quality Inputs Pillars, as well as the Technology and Innovation pillars.

Prof Bello argued that the main objective of the summit is “to forge an Educational Pact between the government and the people, establishing commitment to shared model for education delivery, measurable outcomes and clearly defined negotiables.”

He further said that experts will make motivating presentations, adding that the Summit will provide opportunity for robust discussions on local and international investments in education, policy-making as well as technological innovations for improved teaching and learning.

The Commissioner also assured that a comprehensive education development roadmap for Kaduna State would fashioned out during the summit.

He said that the Director General of Kaduna State Schools Quality Assurance Authority, Professor Usman Abubakar Zaria, will coordinate the activities of the steering committee, whose membership cuts across relevant Ministries Department and Agencies.

Sub-committees to handle various aspects of the summit were announced immediately after the steering committee was inaugurated.

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Police Bust Human Trafficking Ring In Oyo, Rescue 84 Victims

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The Oyo State Police Command has uncovered a human trafficking ring in Ibadan, the Oyo State capital.

In a major operation, the police rescued 83 individuals and a child from a house in the Orogun area of the city, where they had allegedly been held for an undisclosed period.

Preliminary reports suggest that the victims, believed to be nationals of the Democratic Republic of Congo, were lured to Nigeria under the pretence of being offered employment opportunities.

There are also claims that the perpetrators extorted significant sums of money, reportedly in dollars, from the victims’ parents and relatives as part of the elaborate scheme.

The rescued individuals are currently at the Police Headquarters in Eleyele, Ibadan, where authorities are conducting further investigations to ascertain the full details of the case.

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