The International Monetary Fund (IMF) has said the Nigerian economy had exited from recession but remains vulnerable.According to IMF the economic growth reached 0.8 per cent in 2017, driven mainly by recovering oil production, while inflation declined to 15.4 per cent year-on-year by end-December, from 18.5 per cent at end-2016.
The International Monetary Fund has said more Nigerians have got poorer under the President Muhammadu Buhari government despite the country’s slow recovery from recession.
The International Monetary Fund (IMF) has warned that debt servicing costs are becoming a burden, especially in oil-producing countries, noting that such costs were expected to absorb over 60 per cent of government revenues in 2017 in Nigeria, Angola and Gabon.The IMF stated that public debt rose above 50 per cent of Gross Domestic Product (GDP) in 22 sub-Saharan African countries at the end of 2016.
The Nigerian Government has come into an agreement with the World Bank group to scale up disbursements for critical projects in the country.
STAN OKENWA and COMFORT EKELEME
Major stakeholders in the nation’s economy have taken strong exception to the recent grandstanding of the International Monetary Fund (IMF) wherein the international development bank had affirmed Nigeria as the biggest economy in Africa.
Washington—Amid growing global concerns over corruption in public and private sectors and its consequences on nations’ growth, Managing Director of International Monetary Fund, IMF, Christine Lagarde, has said that corruption undermined prosperity because of its micro economic implications.
The UK’s exit from the European Union could cause “severe regional and global damage”, the International Monetary Fund has warned in its latest outlook.
A form of debt restructuring rather than outright forgiveness should enable Greece to handle its “unviable” debt burden, the head of the International Monetary Fund was quoted as telling a Swiss newspaper.