IMF Commends FG Over Monetary, Fiscal Policies

Managing Director of the International Monetary Fund (IMF), Ms. Christine Lagarde, has described as “excellent” measures adopted by the incumbent administration to address the revenue shocks occasioned by the slump in oil prices.
Lagarde said both the monetary and fiscal policies were commendable, and urged the incoming administration headed by Major-General Muhammadu Buhari (rtd) to build on the legacies. In an interview with a Federal Government team led by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, and representatives of the incoming administration at the just-concluded IMF/World Bank spring meetings in Washington D.C., Lagarde said the right measures had been put in place to manage the price shock. “I will like to say that the economic policy that has been in place, especially in the last few months, has been really excellent, whether it is the fiscal tightening or the exchange rate depreciation, or general focus on keeping the economy afloat despite the major external shocks as a result of low oil prices. The right measures have been taken, the right policies have been put in place, and very clearly now, a lot of work should continue to be done by the next team. But the problems remain the same—the external shocks are the same, the prospects for oil prices are reasonably low and the efforts to diversify the economy as has just been attempted by the current team will hopefully continue, for the benefit of Nigeria,” she said.

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