In spite of what looks like Nigeria’s delisting of the International Monetary Fund (IMF) from creditor institutions for its current quest for loan facilities, its management has yet offered the country some advice on how to achieve early exit from the economic recession.
The body said the reform so far executed by Nigeria falls below the standard expected of it to have a sound economy, capable of ensuring it exit recession soon.
Speaking to foreign news correspondents in Washington, USA, on Thursday, the IMF spokesman, Gerry Rice, said Nigeria could still be considered for a possible loan advancement on the condition that it carries out more robust reforms, far richer than what is presently on ground.
Rice declined comments on the recent statement credited to Nigerian Finance Minister, Mrs. Yemi Adeosun, that the country would only go after the loans offerred it by World Bank and African Development Bank (AfDB).
He rather insisted that Nigeria should, despite every other issue, step up its economic reform efforts before the opportunity for such becomes more limited.
He stated: “Urgency is needed in implementing a coherent and credible package of monetary, fiscal and structural policies as the window for bold reforms is closing as the 2019 elections are approaching fast.”
Rice also confirmed that the Nigerian authorities have not approached the global lender on how to fine-tune its programme, but added: “the IMF stands ready to help should the country make a request for financial assistance.”
On the fate of Nigeria’s $1 billion loan application pending since June 2016, the spokesman said all requests for loans are treated on merit.
“The window of opportunity still exists, but first thing first,” he quipped in further confirmation that Nigeria needs more indepth reform to qualify for the loan.
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