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FG Has Disbursed N100bn To Pharma Manufacturers – Buhari

FG Has Disbursed N100bn To Pharma Manufacturers – Buhari

The Federal Government has disbursed a total of N100 billion to indigenous pharmaceutical manufacturers and healthcare investors as loans to expand their capital base and boost local production of medicines and medical consumables.

President Muhammadu Buhari announced this on Tuesday in Abuja while receiving the new Executive Members of Nigerian Medical Association (NMA), according to a statement signed by presidential spokesperson Femi Adesina.

The President explained that the loan was extended through the Central Bank of Nigeria’s support to the private pharmaceutical sector.

He added that the Health Sector Reform Committee chaired by Vice-President Professor Yemi Osinbajo, is currently exploring models for revitalizing the nation’s healthcare system, in ways that improve quality of care and the benefit package to care providers.

On brain drain in the health sector, the President said he has directed the Honourable Minister of Health to look into ways of turning “brain drain” to “brain gain” by engaging top Nigerian medical experts in the diaspora in knowledge and skills repatriation.

He urged the Association and other stakeholders in the health sector to support initiatives by the Federal Government and work with the Committees set up to chart a fast track to a health system that best meets the needs of Nigerians in the 21st Century.

The President also commended the Association, which is the umbrella body of all Medical Practitioners in Nigeria, for consistently choosing peaceful resolution of differences on matters pertinent to the National health system.

‘‘I commend our medical professionals for their contribution to Nigeria’s exemplary management of the COVID-19 pandemic, the control of malaria, HIV and Tuberculosis, and other feats also achieved by Nigerian doctors in the diaspora.

‘‘Our response to COVID-19 pandemic has been praised internationally and your members are key parts of this success.

‘‘I recall that in the last quarter of 2021, the immediate past NMA Executives visited me and presented recommendations for the health sector, which included, the review and amendment of NHIS Act; upgrading and equipping existing health institutions; loans to fund hospital equipment; the repeal and re-enactment of the Medical and Dental Practitioners’ Act; and Appeal for more funding for the four (4) newly established Universities of Medical Sciences.

‘‘I am pleased to inform you that most of these recommendations have been addressed, whilst further action is being taken to study those involving cross-cutting administrative processes with legal implications.’’

The President also used the occasion to congratulate a former President of the body, Dr. Osahon Enabulele, the President-elect of the World Medical Association, the first Nigerian to hold the position.

While wishing him a successful tenure, the President expressed hope that Enabulele would use his position to support improvement in health care delivery in Nigeria and lower income countries.

He also wished the new Executive Members of NMA a successful tenure, urging them to earnestly continue to serve as arbiters of peace and progress.

The Minister of Health, Dr Osagie Ehanire, who led the medical practitioners to the audience, affirmed that the doctors have been good partners with his ministry, helping to regulate the health profession as well as stressing quality service delivery.

In his remarks, the President of the NMA, Dr Uche Rowland Ojinmah, said the new National Officers Committee (NOC) was elected on the 21st of May, 2022. He commended President Buhari for his steadfast war against corruption; assent to the National Health Insurance Authority (NHIA) Act which will “improve the health indices of our nation;” the constitution of the Health Reform Committee under Vice President Yemi Osinbajo; and the various infrastructural projects embarked upon by the Buhari administration.

Dr Ojinmah enjoined the President to ensure full and appropriate implementation of the NHIA Act; provision of “adequate work equipment, conducive work environment and necessary budget support;” as well as elongation of the retirement age for medical consultants to 70 years and 65 years for non-consultant doctors and other healthcare workers.

Others include: implementation of the Hazard Allowance circularized in December 2021 with the arrears; as well as the setting up of a Health Bank.

He also requested for a representation of the Federal Government at the inauguration of Dr. Enabulele in Berlin, Germany, later in the year.

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UK’s Truss defends economic plan that sent pound tumbling

UK’s Truss defends economic plan that sent pound tumbling

British Prime Minister Liz Truss on Thursday defended her economic plan and shrugged off the negative reaction from financial markets, saying she’s willing to make “difficult decisions” to get the economy growing.

In her first public comments since the government’s announcement of billions in uncosted tax cuts roiled markets and drove the pound to record lows, Truss said Britain was facing “very, very difficult economic times.” But she said the problems were global and spurred by Russia’s invasion of Ukraine.

She spoke after the Bank of England took emergency action Wednesday to stabilize U.K. financial markets and head off a crisis in the broader economy after the government spooked investors with a program of unfunded tax cuts, sending the pound tumbling and the cost of government debt soaring.

Truss told BBC local radio that “we had to take urgent action to get our economy growing, get Britain moving and also deal with inflation.”

“Of course lots of measures we have announced won’t happen overnight. We won’t see growth come through overnight,” she said. “What is important is that we are putting this country on a better trajectory for the long term.”

In a series of interviews, Truss said her government’s decision to cap energy bills for households and businesses would help tame inflation and help millions of people facing a cost of living crisis.

But it was not that decision that alarmed the markets. It was the government’s announcement on Friday of an economic stimulus program that included 45 billion pounds ($48 billion) of tax cuts and no spending reductions — without an independent economic assessment of the cost and impact.

The Bank of England warned that crumbling confidence in the economy posed a “material risk to U.K. financial stability,” and said it would buy long-term government bonds over the next two weeks to combat a recent slide in British financial assets.

The bank’s former governor, Mark Carney said that the government and the central bank appeared to be pulling in different directions.

“Unfortunately having a partial budget, in these circumstances — tough global economy, tough financial market position, working at cross-purposes with the Bank — has led to quite dramatic moves in financial markets,” he told the BBC.

The pound traded at around $1.08 on Thursday, above its record low of $1.0373 on Monday. It has lost some 4% of its value since Friday.

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Stimulus Packages Provided During Pandemic Triggered Inflation- CBN

The Central Bank of Nigeria (CBN) has attributed the rising inflationary rates to the stimulus packages provided to citizens during and after the pandemic.

It added that although this increased spending, it also created global supply challenges.

CBN’s director, Monetary Policy Department, Hassan Mahmoud, said this on Wednesday at a post-MPC briefing tagged: “Unveiling Facts behind the Figures’’.

The Monetary Policy Committee had on Tuesday, unanimously voted to increase interest rate to 15.5 per cent.

“A lot of households and small businesses were injected with stimuluses; the U.S did two trillion dollars, Nigeria did about five trillion Naira, these increased the ability of people to spend.

“But the supply side could not meet up with the demand because that volume of injection was far more than the regular intake for those economies, this made prices go up,’’ he said.

Mahmoud also blamed the Russian-Ukraine war, as well as the resurgence of COVID-19 in China for the rise in global inflationary trend.

“That region accounts for more than 50 per cent of global commodity supply and 38 per cent of global oil and gas supply. The war resulted in some shortages which made prices go up.

“Then the COVID-19 lockdown in China. The country is the largest importer of commodities across the globe,’’ he added.

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China’s yuan slides to 14-year low against US dollar

China’s yuan slides to 14-year low against US dollar

China’s yuan fell to a 14-year low against the dollar Wednesday despite US central bank efforts to stem the slide after U.S. interest rate hikes prompted traders to convert money into dollars in search of higher returns.

A weaker yuan helps Chinese exporters by making their goods cheaper abroad, but it encourages capital to flow out of the economy. That raises costs for Chinese borrowers and sets back the ruling Communist Party’s efforts to boost weak economic growth.

The yuan fell to 7.2301 to the dollar, its lowest level since January 2008. One yuan was worth about 13.8 cents, down 15% from its March high.

The yuan has exceeded expectations it might fall to 7 to the dollar after the Federal Reserve started aggressive rate hikes to cool inflation that is at a four-decade high. The Fed has raised rates five times this year and says more increases are likely.

By contrast, the People’s Bank of China has cut interest rates to boost growth that fell to 2.2% over a year earlier in the first six months of 2022 — less than half the official 5.5% target.

The yuan is allowed to fluctuate up or down 2% from its starting price each day in tightly controlled trading. That prevents big daily swings, but down days can add up to a big change over time.

To shore up the exchange rate, Beijing cut the amount of foreign currency deposits Chinese banks are required to hold as reserves to 6% from 8% as of Sept. 15. That increases the amount of dollars and other foreign currency available to buy yuan, which should push up the exchange rate.

Still, that reserve cut is unlikely to stop a slide that is driven by “a strong U.S. dollar and the expectation of more Federal Reserve hikes,” said Iris Pang of ING in a report.

“Less aggressive rate hike talk” might help the yuan rally, but it might weaken further “if the Fed maintains its very hawkish tone” into next year, Pang wrote.

Chinese officials have previously promised to avoid “competitive devaluation” to gain an advantage in trade.

The yuan sank in 2019 during trade tension with then-President Donald Trump. That prompted suggestions Beijing was trying to reduce the impact of U.S. tariff hikes, but there was no official confirmation. The currency later strengthened.

Other governments also are struggling to manage capital flows under pressure from Fed rate hikes. On Friday, Vietnam’s central bank raised a key interest rate in what economists said appeared to be an effort to stop an outflow of money in search of higher returns.

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