Implement Reforms To Save Nigeria’s Economy,IMF Tells Buhari
Feb 25, 2016 18:31:33 GMT
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Implement Reforms To Save Nigeria’s Economy, IMF Tells Buhari
The International Monetary Fund (IMF) has said the President Muhammadu Buhari administration must curb government spending and implement structural reforms to revive the economy, which is reeling under the weight of falling oil prices.
The IMF has also called for a combination of fiscal discipline, external rebalancing and the “steadfast implementation of structural reforms.”
“In light of the significant macroeconomic adjustment that is needed to address the permanent terms-of-trade shock, it will be important to put in place an integrated package of policies.
“Establishing medium-term fiscal policy goals that support fiscal sustainability is a priority,” it continued, highlighting measures to boost non-oil revenue such as broadening of the tax base, rationalising spending, adopting safety nets for the vulnerable and fostering enhanced accountability and an orderly adjustment of sub-national budgets,” the IMF said.
In addition, the fund called for measures to create “an enabling environment to attract investment”. This should include a renewed focus on the economy’s competitiveness, and the IMF said it supported government efforts to promote targeted, core infrastructure, as well as to reduce business costs through greater transparency and accountability.
independentnig.com/2016/02/implement-reforms-save-nigerias-economy-imf-tells-buhari/
Implement Reforms To Save Nigeria’s Economy, IMF Tells Buhari
The International Monetary Fund (IMF) has said the President Muhammadu Buhari administration must curb government spending and implement structural reforms to revive the economy, which is reeling under the weight of falling oil prices.
The IMF has also called for a combination of fiscal discipline, external rebalancing and the “steadfast implementation of structural reforms.”
“In light of the significant macroeconomic adjustment that is needed to address the permanent terms-of-trade shock, it will be important to put in place an integrated package of policies.
“Establishing medium-term fiscal policy goals that support fiscal sustainability is a priority,” it continued, highlighting measures to boost non-oil revenue such as broadening of the tax base, rationalising spending, adopting safety nets for the vulnerable and fostering enhanced accountability and an orderly adjustment of sub-national budgets,” the IMF said.
In addition, the fund called for measures to create “an enabling environment to attract investment”. This should include a renewed focus on the economy’s competitiveness, and the IMF said it supported government efforts to promote targeted, core infrastructure, as well as to reduce business costs through greater transparency and accountability.
independentnig.com/2016/02/implement-reforms-save-nigerias-economy-imf-tells-buhari/