IMF advised Nigeria to adopt flexible foreign exchange rate

IMF’s Chief of the World Economic Studies Division, Oya Celasun
The International Monetary Fund (IMF) on Tuesday released its World Economic Outlook (WEO) and advised Nigeria to adopt flexible foreign exchange regime to restore values of revenues and the naira.

Speaking at a media briefing to unveil the WEO, at the ongoing IMF/World Bank Spring Meetings in Washington D.C, IMF’s Chief of the World Economic Studies Division, Oya Celasun, said the nation’s economy will benefit from flexible exchange rate.

She also challenged Nigeria and other African countries to adjust their fiscal policies, in line with the continued drop in crude oil prices.

“Fiscal policy has to adjust to new realities of oil price fall, even though it is a difficult adjustment. It requires coherent of policies. In many cases, that should be achieved by focusing more on domestic revenue mobilization and to some extent, by rationalizing expenditures,” she said.

Celasun said there was also broader need to diversify the economy away from basic commodities of growth, such as crude oil to achieve sustainable growth.

Also speaking at the press conference, IMF’s Economic Counsellor/ Director of Research, Maurice Obstfield, said the Fund will continue to engage governments from emerging markets, but added that it was hard to be optimistic because of the challenges faced by such economies.

He said that each African country remains different in terms of economic challenges they face, stressing that such problems will require diverse solutions.

He projected that world economy will grow at a pace of 3.5 per cent this year, up from 3.1 per cent last year, and 3.8 per cent in 2018.

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NaijaPrince.com: IMF advised Nigeria to adopt flexible foreign exchange rate
IMF advised Nigeria to adopt flexible foreign exchange rate
The International Monetary Fund (IMF) on Tuesday released its World Economic Outlook (WEO) and advised Nigeria to adopt flexible foreign exchange regime to restore values of revenues and the naira.
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