Nigeria’s name missing among IMF 189 partner-countries on economic growth

Of the 189 country-list of the International Monetary Fund (IMF) on its official website published as the only nations, which the Fund is working with in fostering global monetary cooperation, Nigeria is among the African countries missing from the list.

But Nigerian officials seem not to have noticed this as a factor stalling the country’s request for loan facilities.

Only 24 of the 54 countries in Africa made the list, which was updated before the 2017 Spring meeting of the IMF/World Bank’s in Washington.

Some of the African countries included in the list are: Ghana, Senegal, Mali, Sudan, Egypt, Algeria and Togo.

In Europe, UK, Belgium, Germany and many others made the list.

No official reason was given on why Nigeria was not listed since it is reputed to have been recognised in the 80s and 90s as one of the countries working with the Fund “in securing financial stability, facilitating international trade, promote high employment and sustainable economic growth around the world.”

Sources fingered Nigeria’s recession of 2016 to have reduced its influence on many global relationship.

But while addressing the gathering of the world economic experts on Thursday, the IMF President, Christine Lagarde, told them that world economy is gaining momentum, based on reforms.

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She disclosed further that, “more progress hinges on policies to support the recovery, lift productivity growth, and enhance resilience.

“IMF will continue to assist members through carefully tailored policy advice, lending to smooth adjustment, and capacity development.”

The Fund said it would not waiver on its position that any country that needs loan facilities, but without known reforms, would not receive any positive response from the institution.

This, observers interpreted to be indirect
reference to some developing economies, especially Nigeria still grappling with some reforms, as suggested by the international institution.

However, the World Bank chief executive, Jim Yong Kim on the bank’s position said some counties among the developing economies had not been able to share in the benefits put forward to them as most of them were yet to fully tap from available support programmes.

The Bank said that the would-be beneficiaries were affected by “too-slow post-crisis recovery, which limit the room for all segments of society to experience income gains.”

It said it is working within multilateral framework for countries to ensure that they should strive for strong and more balanced growth to provide economic opportunities for all.

Both participants and the organisers of the 2017 Spring meeting agreed that participating countries should anticipate the effects of technological progress and economic integration in the next 10 years.

The summit is expected to dissolve into regional and group meetings with IMF/World Bank chiefs before its final adjournment on Sunday.

 

 

 

 

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