I’m not in Nigeria to discuss loan –IMF boss

Managing director of the International Monetary Fund (IMF) Christine Lagarde, says that the purpose of her four-day visit to Nigeria, one of Africa’s largest economy is not to discuss any loan packages for the country.

According to her, the country despite the dive in its revenue due to the fall of crude oil price, does not need assistance from the international body.

Lagarde while speaking with newsmen after a meeting with President Muhammadu Buhari, said “Let me be very clear: I’m not here nor is my team here to negotiate a loan with conditionalities, we’re not programming negotiations.

“Frankly, given the determination and resilience displayed by the presidency and his team, I don’t see why an IMF programme is going to be needed,” she told reporters in Abuja.

Lagarde described the talks as “excellent” and that they touched on “the challenges ahead stemming from the oil price reduction” and the need to find different revenue sources.

Read also: Economy: IMF boss to meet Buhari

They also discussed “the necessity to apply fiscal discipline and the need to respond to the population’s needs, improving the competitiveness of Nigeria and focusing on the short-term fiscal situation”.

Lagarde described the priorities of the Buhari administration which include reviving the flagging economy, cutting endemic corruption and government waste, and improving transparency and accountability, as “very ambitious goals that need to be delivered upon”.

Lagarde said it was not her place to “approve or comment on the budget”, but disclosed that the IMF would undertake a review and audit from next week “to really assess whether the financing is in place”.

It would also look at “whether the debt is sustainable, borrowing costs are sensible and what must be put in place in order to address the challenges going forward”.

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