This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Wednesday 06 Jan 2016 - 19:45 Makkah mean time-26-3-1437
Abuja, (IINA) - The head of the International Monetary Fund (IMF) has endorsed Nigeria’s efforts to tackle corruption and urged the country to reduce its reliance on oil due to sharp fall in its price, which led to crippling the country’s economy, Reuters reported.
Speaking after talks with President Muhammadu Buhari, IMF managing director Christine Lagarde called for greater flexibility in the country’s exchange rate regime, fueling speculation that a devaluation of the currency, naira, may be imminent.
The central bank has resisted calls by investors to devalue naira, which has been allowed to fall about 20 percent since the start of 2014.
Measures imposed by the central bank to restrict access to foreign exchange have been backed by Buhari. However, they have proved to be unpopular with investors and highlighted Nigeria’s dependence on crude oil exports, which account for more than half of state revenues.
The IMF head expressed support to Buhari’s fight against corruption and said that the president’s reform push could have a positive impact on West Africa.
“His determination to bring about transparency and accountability at all levels of the economy were very important agenda items”, Lagarde said in Abuja.
Buhari was elected in March after campaigning on a promise to clamp down on the endemic corruption that has left many in Africa’s biggest economy mired in poverty despite its enormous energy wealth.
In December, the president announced a record budget for 2016, forecasting a doubling of the deficit to 2.2 trillion naira ($11 billion) and a tripling of capital expenditure intended to help the country adjust to the downturn in oil, which has lost around two-thirds of its value since mid-2014.
AG/IINA
|
No comments:
Post a Comment