All Posts in "Day: November 24, 2021"

CFI, Sunday Thomas’ speech @Directors confab

WELCOME ADDRESS BY THE COMMISSIONER FOR INSURANCE, NIGERIA AND CHIEF EXECUTIVE OFFICER OF THE NATIONAL INSURANCE COMMISSION (NAICOM) Mr. OLORUNDARE SUNDAY THOMAS AT THE 2021 INSURANCE DIRECTORS’ CONFERENCE HELD AT RADISSON BLU HOTEL, IKEJA, LAGOS ON NOVEMBER 24, 2021.

Protocol,

I want to warmly welcome you all to this important gathering meant for one of the most critical group in the stakeholders structure of insurance companies. The role of the Board of Directors in the success or otherwise of any company remains very vital. This annual conference for Directors of insurance companies is organised to continually remind us of our responsibilities to our various companies and to upgrade our knowledge of recent developments in the sector.

I will want to appeal that respective management of all insurance companies ensure the full participation of members of their board of directors at the conference.
Let me say this for emphasis, this forum should not be seen as a jamboree, but rather serious business where Directors are expected to interact, discuss and compare notes towards aligning and re-aligning their strategic business plans and governance structures to meet certain prevailing socio-economic developments.

I want you to note that as a Commission, we take the participation of companies in this forum very seriously and thus do not take it lightly poor representation and participation by members of board of directors.

Many countries and indeed, economies across the globe have been confronted with numerous challenges in recent years, Nigeria inclusive. The insurance sector notwithstanding its resilience is not immune to this challenges thus the need to constantly retool our business strategies. The theme for this year’s Conference “Insurance Industry in a Changing World” surely speaks to the fact that the world has become ultra-dynamic.

The decisions we have to take as a body are critical to the survival of our entities. I am hopeful that our deliberations here today will provide us the inputs or necessary ingredients that can assist in making policies and strategies that will enhance survival and growth of our various institutions.

The rapid changes brought about by the COVID-19 pandemic in many fronts have drastically opened doors of opportunities for many positive thinking minds and created serious setback for many who are not able to cope with the speed at which some of these changes appeared. An obvious example is the technological advancement in the insurance industry which has been accelerated by the COVID-19 pandemic compelling many of us to shift from the traditional ways of conducting business to more sophisticated and technology driven mechanisms. Indeed, am able to address you this morning virtually because of technological advancement popularised by the advent of the pandemic. While it has not been so difficult for some companies to adapt to the new world order, a lot of other companies have been struggling to cope.

The Commission on its part successfully launched the NAICOM Portal on 1st September, 2021 deployed to ensure effective and efficient interface between the Commission and our stakeholders. The Commission had since directed all operators to integrate their operations with the portal. It is imperative to inform you here that any company that is lagging behind in this regard is inadvertedly phasing itself out of business. Your respective attitude towards information technology funding in your various companies will go a long way in determining the longevity and existence of not only the companies, but the retention of the brand names or corporate identities. This is food for thoughts.

Again, the volatility, dynamism and complexities in the operations of today’s businesses has necessitated the need for a risk-based approach to the way and manner the Regulator conducts its supervision and inspection of insurance entities. It is on this premise that the Commission commenced the implementation of Risk Based Supervision (RBS) of the sector. We incepted the conduct of a pilot inspection of some select companies in September this year preparatory to full implementation and the reports are now being reviewed. Going forward, inspection of insurance entities will be on the RBS approach.

I want to urge you also to follow up on the implementation of International Financial Reporting Standards. IFRS 17 in your companies. The implementation dateline of 1st January, 2023 is right before us. Sufficient capacity building engagements have been conducted and sub-working groups inaugurated to facilitate the migration. You are therefore required to ensure that your entities are in full compliance and ready for the dateline.

On the issue of development of insurance in the country, I will urge the Directors to work closely with their management as a lot is expected from them at the top level. The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to boost insurance culture across the country.
However, the supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously. This has to start from the policy level and the directions clearly spelt out. This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions.

One issue that has been setting the industry on a reverse gear in its developmental efforts is the issue of claims settlement. A few amongst us have been making this work a tedious one by not paying claims promptly. We should know as a fact that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation, perception and image. I urge you to look at this issue at your level and deal with it decisively as it has continued to give the industry a bad name.

I must thank you all for your support to the Federal Government in fighting the pandemic which has earned us the confidence of the government, particularly that of His Excellency President Muhammadu Buhari, GCFR. As I said in one of our gatherings recently, the industry in its more than 60 years history has never had it this good in terms of recognition, closeness and positive relationship with the Federal Government and by extension, the states. We should take this as a golden opportunity to take insurance to its rightful place in our economy.

We indeed manage an industry that helps others to survive but, you may all agree with me that the insurance industry needs to survive first in order to conveniently shoulder the responsibility of helping other businesses to survive. The future of insurance is arguably the future of our economy. We are all leaders in our own rights and the success or failure of the sector is in our hands as decision makers.
I thank you for attention and wish you a successful Conference.

O. S. Thomas
Commissioner for Insurance, Nigeria

Patoma Admin by — November 24, 2021 in Insurance 0
Muftau Oyekunle, CIIN President’s speech @ Directors conference

ADDRESS BY SIR. MUFTAU OYEGUNLE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA, DURING THE 2021 INSURANCE DIRECTORS’ CONFERENCE HELD ON THE 24TH OF NOVEMBER, 2021 AT RADISSON BLU HOTEL, IKEJA.

PROTOCOLS

It is my utmost pleasure to welcome you to the 2021 Insurance Directors’ Conference. The theme for this event “Insurance Industry in a Changing World” is a theme that cannot be over flogged.

On daily basis, we see signs of the changing world around us. Political and business leaders all over the world gather regularly to discuss the way forward. A radical transformation triggered by the events which took place in the immediate past years has changed the business world and life in general as we used to know it. Countries and organizations’ have woken up to the fact that there is no set date, time, or place for disruption to occur. All businesses are proactively retooling their operations to ensure adequate protection against the unknown future.

It is impossible to talk about the changing world of insurance or even the financial sector in general, without talking about Artificial Intelligence. AI is fast becoming the order of the day as organizations seek to build leaner but more effective teams. Every business firm in the 21st Industry must leverage on technology to simplify its business strategies and processes especially now that the pandemic has forced business executives to do things differently.

The future that AI promises for insurance is a series of touch less processes from premium collection through the entire value chain until claims processing. This is evident by the numerous startups, as well as IT and insurance giants massively investing and offering increasingly innovative new solutions. It is imperative for market stakeholders to be at the cutting edge of technology and to equip themselves with the appropriate tools required for performance. The purpose of insurance is to enable risk-taking, support economic growth, encourage innovation and ultimately to enhance the resilience of the society and economy.

Consequently, there is a need for us as individuals, professionals, and organizations to aggressively equip ourselves with skills and knowledge that would ensure we have the best assets. This implies that we must groom world class manpower for improved performance and growth of the industry. With the increasing digitalization and ‘low touch’ system where human input is at its minimal, professionals need to meet the emerging demands for specialized skills.

Furthermore, continuous customer engagement cannot be overemphasized as this not only builds trust but puts the insurer in the face of the customer. Typically, insurance products and services are perceived as offerings that do not require constant meeting with clients except at major events such as customer acquisition, claims registration and policy termination. While it is vital to make these moments rancor free, it is equally important to provide more customer interaction channels to facilitate effective service delivery to clients. A good starting point should be the provision of basic knowledge on insurance and its operations to consumers. Awareness is a militating factor in the growth of Insurance.

The Chartered Insurance Institute of Nigeria (CIIN) as the premier professional body caters for insurance professionals through the provision of skills and knowledge required to deliver excellent performance in their organisation. Ultimately, our members become growth drivers within the industry.

The CIIN in furtherance of its statutory responsibilities established the College of Insurance and Financial Management (CIFM) which currently is pivotal in manpower development in the Nigerian insurance industry at all levels. This was achieved by the provision of in-depth training in insurance, financial management and marketing thereby creating an expert driven resource pool from which the industry benefits.

On behalf of the Council of the CIIN, I wish to express our happiness and support for this well packaged event organized by the CIFM in collaboration with the regulator, NAICOM in pursuance of the mandatory learning and training for directors in insurance organizations. The quality of speakers lined up today is quite reassuring of the impactful and insightful experience that this conference would deliver.

I therefore seize this opportunity to appreciate NAICOM on two fronts. First, for providing this platform annually to help members of the board of insurance organizations to refocus on their very important role of running ethical, profitable, and sustainable insurance organizations. Secondly, for the continued confidence in the CIFM and its ability to always deliver quintessential training events.

Beyond technology and knowledge however, we need to bridge the existing gap between various stakeholders in the industry if we must take this industry to the next level. Most of the challenges confronting us today require serious cooperation within the industry and collaboration with other relevant stakeholders to move this industry forward. This is the main aspect of the changing world that we are not paying adequate attention to. I therefore challenge all the captains of the industry here present, to view this as the end of year challenge for all of us. The question begging for an answer is ‘How do we move this industry forward collectively in 2022 and beyond?

The penetration jinx needs to be broken so that the insurance industry can provide its crucial role in supporting individuals and businesses through mechanisms that facilitate resilience building for the economy at large while also making insurance profitable enough to justify the investment of shareholders.

On this note Ladies and Gentlemen, I welcome you all to the 2021 Insurance Directors’ Conference and wish you all a gratifying experience.

Thank you.

Sir. Muftau Oyegunle ACII, FIIN
President/Chairman of Council
Chartered Insurance Institute of Nigeria.

Patoma Admin by — November 24, 2021 in Others 0
Acquisition of 71.69% equity in Honeywell Flour Mills not in breach – Flour Mill

By ad

Flour Mills Nigeria , FMN Plc has assured its stakeholders that the acquisition of majority equity interest in Honeywell Flour Mills ,HFM Plc was not in breach of any subsisting order of court as claimed by the Ecobank Nigeria.

Flour Mills of Nigeria stated this Wednesday in a statement sent to the Nigerian Exchange Limited, NGX saying “Four Mills wants to assure its stakeholders that the recent announcement by the Group to assume majority shareholders status of Honeywell Flour Mills Plc on Monday 22nd of November, 2021, was made after carrying out necessary due diligence and obtaining appropriate legal guidance”

Consequently, the statement adds: “Flour Mills confirms that this agreement is not in breach of any subsisting Order of Court in matters relating to any third party. This further assurance has become necessary in view of the publication captioned “Ecobank warns against Acquisition of Honeywell Flour Mills, Alleges Company Facing Winding Up Proceedings”.

Flour Mills has therefore urged its stakeholders to maintain their trust in the Company’s management, whose actions were guided by global best practices as they work diligently to maintain the Group’s sterling reputation as one of the Nigeria’s leading and oldest agro allied companies.

FMN in a statement has earlier disclosed that it had reached an agreement for the proposed combination of FMN through its affiliates and HFMP, for a total enterprise value of N80 billion. It is expected that this combination will create a more resilient national champion in the Nigerian food industry, and ensuring long term job creation .

Patoma Admin by — November 24, 2021 in Industry, Trade & Investment 0
Nigeria Air Carrier to commence flight April 2022

By Favour Nnabugwu

 

Plans have reached the top on the new national carrier, Nigerian Air which is said  will take off April 2022.

The Minister of Aviation Hadi Sirika made it known at the end of the virtual Federal Executive Council, FEC, meeting presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

The Minister explained that in the new national carrier, the federal government will have not more than five percent equity shares, Nigerian entrepreneurs 46 percent equity shares, while the would be international strategic partners will have 49 equity shares.

He explained that the Fedecal Executive Council gave approval for the new national carrier, adding that the new carrier in few years time when it becomes operational, would generate about 70 thousand jobs which he said is higher than the total federal civil servants in the country.

Sirika recalled that over 400 thousand Nigerians participated in choosing the name which was launched in 2018.

Details later..

Patoma Admin by — November 24, 2021 in Aviation 0
JAMB uncovers 706,189 illegal admissions by varsities, others

By admin

The Registrar, Joint Admissions and Matriculation Board (JAMB), Prof. Is-haq Oloyede stated that agency has uncovered 706,189 illegal admissions by universities, Colleges of Education, polytechnics and other allies.

Oloyede at the Consultative Sensitization Meeting with Select Stakeholders in Abuja today,  said the illegal admissions have damaged the image of the country.

He said the illegality was perpetrated in all the six geopolitical zones by public and private higher institutions.
While about 114 universities accounted for 67.795 of the illegal admissions, 137 polytechnics were responsible for 489,918, 80 Colleges of Education for 142, 818 and 37 other institutions involved in 5,678 cases.

The undisclosed admissions were perpetrated from 2017 to 2020 by the affected institutions.
He said such admissions were unknown to JAMB as prescribed by law.

While about 114 universities accounted for 67.795 of the illegal admissions, 137 polytechnics were responsible for 489,918, 80 Colleges of Education for 142, 818 and 37 other institutions involved in 5,678 cases.

The undisclosed admissions were perpetrated from 2017 to 2020 by the affected institutions.

He said such admissions were unknown to JAMB as prescribed by law.

But the Minister of Education has assented to JAMB’s plea for a last chance for the violators.

He said the institutions disregarded JAMB’s Central Admissions Processing System (CAPS which allows institutions to “only admit candidates that met the requirements.”

He said the affected institutions’ Vice Chancellors, Rectors and Provosts have admitted their mistakes by “sending a formal letter of confession and disclosure to the JAMB Registrar.”

In the list of the 114 universities given to stakeholders, some of the top indicted for illegal admissions include University of Jos(7,600); Benue State University(6,171); Olabisi Onabanjo University(5,669); Kwara State University(4, 281); Novena University(3,432); University of Nigeria, Nsukka(2,732); and Imo State University(2,330).

Others listed were University of Nigeria, Nsukka(2,732); Imo State University(2,330); University of Calabar(2,074); NTA Television College(1,934); Baze University(1,717); Oduduwa University(1,450); Kaduna State College of Education(1,417); Tai Solarin University of Education(1,101); Al-qalam University(1,062); Gombe State University(1,017).

Oloyede said: “As a measure of mopping up the backlog of improperly admitted candidates, the Honourable Minister of Education, Malam Adamu Adamu, assented to the Board’s plea for a last chance for the violators.

Patoma Admin by — November 24, 2021 in Education 0
FG unveils 10-year validity passport facility in London

By Favour Nnabugwu

 

Miniter of Interior Ogbeni Rauf Aregbesola yesterday, commissioned a new Passport Issuing facility that would offer the 10-year validity Passport to Nigerians at the Nigerian High Commission in London, the United Kingdom.

With the facility, eligible applicants can now have access to a variety of options available on the enhanced e-Passport categories including: The five-year, 32-page Passport category; the five-year, 64-page category and the ten- year, 64-page category.

Speaking at the event, the Minister stated that the enhanced e-Passport is a great improvement of the standard e-Passport introduced in 2007 and that the enhanced e-Passport has more sophisticated security features making it one of the most secured Passports in the world.

The enhanced e-Passport he stressed, “comes in polycarbonate data page and with this, Nigeria is at the highest level of Passport security and integrity in the world”.

He assured government’s readiness to continue to provide Passports to eligible applicants without stress and within a reasonable period noting that efforts are being made to resolve all the problems associated with Passport administration and issuance across all Centres.

The Minister revealed that the Nigeria Immigration Service has issued a total of 2.7 million Passports to Nigerians in the past two years including the deployment of over 600,000 booklets, this year alone to address rising demand for the document.

He thanked the officials of the High Commission for their commitment to quality service delivery and urged for a deepened engagement with the diaspora population.

In his remarks, the acting Comptroller General of Immigration Service, Isah Jere Idris, affirmed the commitment of the Service to meet the rising demands for Passport services in London and advised prospective applicants to visit the Service’s official website (immigration.gov.ng) to apply and pay for the Passport category of their choice.

He enjoined those who have any complaints, to use available complaints channels to resolve any issues assuring that his Officers are professionals and would continue to deliver excellent services to our citizens.

The event was attended by the Nigerian High Commissioner to the United Kingdom, Ambassador Sarafa Tunji Isola, the Minister of Interior, the acting Comptroller General of Immigration, senior officials of the High Commission, a cross section of Nigerians in the United Kingdom and members of the diplomatic community.

Patoma Admin by — November 24, 2021 in Others 0
Naicom wants directors to work with companies’ management for better results

By Favour Nnabugwu
 The Commissioner For Insurance, Mr Sunday Thomas has implored director of insurance companies to work closely with their companies management if they indeed want the organisation to reach the top.
Thomas while sddressing insurance director at this forum theme: ‘The theme for this year’s Conference “Insurance Industry in a Changing World’ , said many countries and indeed, economies across the globe have to face  challenges including Nigeria.
“On the issue of development of insurance in the country, I will urge the Directors to work closely with their management as a lot is expected from them at the top level”.
Naicom, Thomas informed, is working tirelessly to move the industry forward, “The Commission is working assiduously to open up the market particularly the retail end, conducting engagements with various agencies and state governments on the need to boost insurance culture across the country”.
Naicom, he said cannot do the work alone but with the support and cooperation of companies, “The supply side which is the insurance companies must also be proactive with follow-ups in these places. If the industry is desirous of having significant impact on the nation’s GDP, it therefore must take retail business seriously”
“This  has to start from the policy level and the directions clearly spelt out. This also must be supported with massive awareness campaign about insurance products across the geo-political zones taking into consideration peculiarity of each of the regions”
 Still worried about some company es that are refusing to pay claims, the CFI clarely mentioned,  “A few amongst us  have been making this work a tedious one by not paying claims promptly”
“We  should know as a fact that insurance business is about payment of genuine claims and anything short of that will continue to hurt insurance business in the country thereby giving the industry poor reputation, perception and image, he emphasised.
Speaking on the for technology driven companies, “The insurance sector notwithstanding its resilience is not immune to this challenges thus the need to constantly retool our business strategies, noting that the theme speaks to the fact that the world has become ultra-dynamic”
The CFI was optimics that the decisions taken the the directors forum will speak life to companies. “I am hopeful that our deliberations here today will provide us the inputs or necessary ingredients that can assist in making policies and strategies that will enhance survival and growth of our various institutions”.
Thomas said that the pandemic come with a lot of challenges but that the opportunity it brought cannot be measured,  “The rapid changes brought about by the COVID-19 pandemic in many fronts have drastically opened doors of opportunities for many positive thinking minds and created serious setback for many who are not able to cope with the speed at which some of these changes appeared”
Giving an invite into the advancement in technology that covid-19 brought, “An obvious example is the technological advancement in the insurance industry which has been accelerated by the COVID-19 pandemic compelling many of us to shift from the traditional ways of conducting business to more sophisticated and technology driven mechanisms.
 Thiugh, the Commissioner for Insurance was still not able to fathom why some companies are still lagging behind, “While it has not been so difficult for some companies to adapt to the new world order, a lot of other companies have been struggling to cope”.
It will be recalled that the National Insurance Commission, Naicom, successfully launched the NAICOM Portal on 1st September, 2021 deployed to ensure effective and efficient interface between the Commission and our stakeholders.
“The Commission had since directed all operators to integrate their operations with the portal. It is imperative to inform you here that any company that is lagging behind in this regard is inadvertedly phasing itself out of business”
He warned companies of the need to be up and doing, “Your respective attitude towards information technology funding in your various companies will go a long way in determining the longevity and existence of not only the companies, but the retention of the brand names or corporate identities”.
Thomas did no leave out the issue of risked base capital and IFRS 17, “Again, the volatility, dynamism and complexities in the operations of today’s businesses has necessitated the need for a risk-based approach to the way and manner the Regulator conducts its supervision and inspection of insurance entities”
It is on this premise that the Commission commenced the implementation of Risk Based Supervision (RBS) of the sector.
We incepted the conduct of a pilot inspection of some select companies in September this year preparatory to full implementation and the reports are now being reviewed. Going forward, inspection of insurance entities will be on the RBS approach.I want to urge you also to follow up on the implementation of International Financial Reporting Standards. IFRS 17 in your companies.
 The implementation dateline of 1st January, 2023 is right before us. Sufficient capacity building engagements have been conducted and sub-working groups inaugurated to facilitate the migration.
And he concluded, “You are therefore required to ensure that your entities are in full compliance and ready for the dateline”
Patoma Admin by — November 24, 2021 in Insurance 0
AIICO Bags 2021 BAFI Awards

By admin

 

AIICO Insurance Plc, has emerged winner of the Life Insurance Company of the Year and Digital Insurance Company of the Year Award in the recent Banks and Other Financial institutions (BAFI) award organised by the BusinessDay Newspaper in Lagos.

The keenly contested categories had top-performing competitors jostling for the win.
The awards were in recognition of the industry’s leading position and the exemplary role played by AIICO in the insurance sector based on its sound strategy, disciplined execution, and impressive governance.

According to the organisers, the Life Insurance Company of the Year Award was presented to AIICO for having demonstrated market leadership through innovation in products and best practices, outstanding customer service, diversity of product lines, claims processing excellence, stability, reliability, and cost/fees.

In like manner, the Digital Insurance Company of the Year Award (Global Awards Category) was in recognition of AIICO as an insurance company that has led the way in technology adoption across sales, marketing, product innovation, client experience, and customer service.

Patoma Admin by — November 24, 2021 in Insurance 0
World Bank lists measures to put Nigeria on growth path

By admin

 

The World Bank on Tuesday listed a raft of bold measures Nigeria must undertake to put the country on a ro­bust and sustainable long-run growth trajectory.

In its latest November 2021 Nigeria Development Update (NDU) report entitled, ‘Time for Business Unusual’, it highlighted urgent policy priorities that can be implemented over the next three to six months in four key areas to achieve the desired growth.

It asked Nigeria to eliminate fuel subsidy while protecting poor and vulnerable house­holds from any inflationary im­pact; reduce inflation through a coordinated mix of exchange rate, trade, monetary and fiscal policies; catalyze private invest­ment by enhancing foreign exchange management, ease trade restrictions, and foster a better business environment; and address fiscal pressures through enhanced domestic revenue mobilisation and re­duce the reliance on CBN defi­cit financing.

According to the Nigeria Development Update, under a business-as-usual scenario, GDP per capita will continue to decline, but reforms could accelerate growth.

It said Nigeria faces a crit­ical choice: it can continue to pursue a business-as-usual poli­cy approach while its economy and job market deteriorates, or it can undertake bold measures that will put Nigeria on a ro­bust and sustainable long-run growth trajectory.

The report said the Nigeri­an government took bold mea­sures to mitigate the effects of the COVID-19 pandemic in 2020 through bold reforms, but the momentum of the reform agenda has waned, undermin­ing Nigeria’s long-term growth prospects.

It noted that the insufficient supply of foreign exchange (FX) issues related to the pre­dictability of exchange rate management, the unsustain­able subsidy on premium mo­tor spirit (PMS), burdensome trade restrictions, and the sizeable fiscal deficit financing by the Central Bank of Nige­ria (CBN) are undermining the business environment, compounding underlying con­straints on domestic revenue mobilisation, foreign invest­ment, human capital devel­opment, and the delivery of public services.

The report indicates that despite a strong initial recovery and resurgent global oil prices, Nigeria’s pre-crisis challenges threaten the post-crisis recov­ery, highlighting the need to depart from business-as-usual policies.

“Even though Nigeria’s economy exited a pandem­ic-induced recession, several challenges persist including double-digit inflation, declin­ing incomes, and rising inse­curity. While the government took bold policy measures to mitigate the impacts of the COVID-19 crisis, the reform momentum has slowed which hinders Nigeria’s ability to reach its growth potential,” said Shubham Chaudhuri, World Bank Country Director for Nigeria.

The report notes mounting fiscal pressures due to low­er-than-expected revenues in 2021 and the rising cost of the premium motor spirit (PMS) subsidy.

It said that in contrast to past periods of high oil prices, this time the government has not been able to fully benefit from the oil boom because oil production has fallen below Nigeria’s estimated capacity and the OPEC+ quota due in part to rising insecurity and the higher cost of the PMS subsidy.

“In 2022 the Federal Gov­ernment plans to spend about N3,000 (US$7) per person for health, while the cost of the PMS subsidy for next year could reach N13,000 (US$32) per person. Not only is the PMS subsidy costly, but it mainly benefits richer households. Nigeria has the opportunity to establish a ‘compact’ with citi­zens that eliminates the subsidy and uses the savings to provide targeted cash transfers to low­er-income-households, invest in job-creating programmes, and improve its fiscal position,” said Marco Hernandez, World Bank Lead

Patoma Admin by — November 24, 2021 in Banking & Finance 0