Create Coherent, Credible Economic Policies, IMF Tells Nigeria

• Create Coherent, Credible Economic Policies

The International Monetary Fund on Thursday urged the Federal Government to step up its economic reform efforts before the opportunities for such become more limited.

“Urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing as the 2019 elections are approaching fast,” the IMF spokesman, Gerry Rice, said at a regular news briefing with reporters, Reuters reported.

Rice also confirmed that the Federal Government had not approached the global lender about a programme, but said the IMF “stands ready to help should the country make a request for financial assistance.”

Meanwhile, the IMF has agreed to lend the Republic of Benin 93 billion CFA francs ($149m) to help the government implement a macro-economic reform programme, the country’s presidency and the institution said on Tuesday.

The three-year extended credit facility programme should help it meet balance of payments commitments, achieve sustained GDP growth and improve the business climate, the Head of the IMF mission that visited the country this week, Norbert Toe, said.

The deal must be ratified by the IMF board.