IMF: Nigeria among 8 African countries in debt distress

The International Monetary Fund (IMF) Thursday, listed Nigeria among eight African countries on its debt distressed category following the failure of their fiscal consolidation to positively impact the citizens. Abebe Aemro Selassie, Director of the IMF’s African Department, who gave the hint at a briefing he jointly held with Nigeria’s Budget and Planning Minister, Senator […]

Tax collection: Nigeria seeks IMF’s support

The Federal Government is seeking assistance from the International Monetary Fund (IMF) on modalities for improving tax collection, especially from the International Oil Companies (IOCs), Finance Minister Zainab Ahmed, has said. She told reporters on the sidelines of the ongoing 2018 International Monetary Fund (IMF)/World Bank Group Meetings, in Bali, Indonesia, that government has to […]

Again, IMF revises Nigeria’s growth projection to 1.9%

The International Monetary Fund (IMF) on Tuesday revised further down its earlier forecast on Nigeria’s 2.1 percent growth rate to 1.9 percent on the grounds that the country’s economy is doing poorly. The Deputy Director at the Research Department of the multilateral financial institution, Gian Maria Milesi-Ferretti, disclosed this while addressing journalists on the findings […]

Nigeria, South Africa, Angola impeding Africa’s economic growth-IMF

The International Monetary Fund (IMF) has said that Nigeria, South Africa and Angola the three largest economies in Africa are impeding the continent’s economic growth. The Fund, therefore, called on the three countries to ensure solid economic footing in order to accelerate the continent’s economic growth. The IMF Chief Economist, Mr Maurice Obstfeld, who gave […]

Court confirms jail sentence for ex-IMF chief

Spain’s Supreme Court on Wednesday confirmed former IMF chief Rodrigo Rato’s jail sentence of four years and six months for misusing funds, which is expected to see him enter prison soon. In February 2017, Rato was found guilty by another court of paying for personal expenses with credit cards put at his disposal when he […]

IMF lists conditions for Nigeria’s sustainable growth

The International Monetary Fund has advised the Nigerian Government to prioritise structural reforms and growth-friendly fiscal consolidation occasioned by the increasing non-oil revenue revenues in order to stabilize the nation’s economy. The IMF Senior resident representative in Nigeria, Dr Amine Mati, gave the advice amongst other fiscal imperatives he considered crucial to improving the nation’s […]

IMF tasks sovereign bilateral creditors on improved collaboration

International Monetary Fund (IMF) Managing Director, Christine Lagarde, has expressed concern that the high debt levels that low-income countries have built up through non-traditional sources could complicate any debt restructuring. The IMF boss gave this charge at a sovereign debt restructuring conference at the IMF’s headquarters on Thursday in Washington, DC. In view of the […]

IMF lauds Nigeria’s reforms, canvasses sustenance

The International Monetary Fund (IMF) has described most of Nigeria’s economic reform initiatives as desirable for the nation’s growth, despite some challenges. A statement issued by Amine Mati, Senior Resident Representative and Mission Chief for Nigeria, and staff team visit’s leader to Nigeria from June 27 to July 9, 2018, indicated that the visit was […]

IMF cautions on Nigeria’s debt servicing ratio

The International Monetary Fund, IMF, has again expressed concerns about Nigeria’s debt servicing capacity, as the size of the total debt keeps rising against its revenue. Speaking at a press conference, yesterday, on the side-lines of the on-going World Bank Group Spring Meetings in Washington DC, Mrs Catherine Pattillo, Assistant Director, Fiscal Affairs Department, IMF, […]

IMF forecasts 2.1% growth for Nigeria, predicts oil prices slump

The International Monetary Fund (IMF) has projected that the Nigerian economy would grow from 0.8 percent in 2017 to 2.1 percent by the end 2018 and by 1.9 percent in 2019. Curiously, the Fund’s projection is coming just about two months after the World Bank predicted that Nigeria will record at least 2.5 percent economic […]