IMF praises Nigeria’s economic reforms as Tinubu promises to reduce hardship

IMF praises Nigeria’s economic reforms as Tinubu promises to reduce hardship

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has praised the economic reforms implemented by President Bola Ahmed Tinubu’s administration. She made the remarks during a courtesy meeting with the President on the sidelines of the G20 Leaders’ Summit in Brazil.

Georgieva highlighted the IMF’s commitment to supporting Nigeria’s economic recovery, particularly through the federal government’s social investment programs aimed at alleviating the effects of reforms on vulnerable populations.

She affirmed the IMF’s readiness to provide technical assistance for Nigeria’s budgeting process to optimize outcomes from financial resources and loans.

The IMF chief acknowledged the global economic shocks caused by the pandemic and underscored the importance of building resilient institutions in developing countries.

She emphasized the need for nations like Nigeria to benefit from IMF programs that align with their priorities. Georgieva also advocated strengthening regional economic ties and assured that the IMF is prepared to support this process.

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President Tinubu acknowledged the challenges Nigerians face due to the reforms, including weakened purchasing power, but reiterated his administration’s commitment to mitigating these effects through targeted social safety nets.

“We have started seeing positive results from our reforms, and Nigerians now understand their necessity. However, we must reduce the hardships caused by their implementation,” Tinubu stated.

The President also stressed the importance of education as a pathway out of poverty, highlighting efforts to ensure children remain in school.

“We are designing incentives to keep children in school because education is the key to ending hunger and poverty. We need your support to achieve this,” Tinubu said.

In addition to addressing social challenges, Tinubu noted the government’s focus on tax reforms and substantial investments in infrastructure to drive sustainable growth.

The President congratulated Georgieva on her re-election as IMF Managing Director and thanked her for the Fund’s support in advancing Nigeria’s economic agenda.

IMF praises Nigeria’s economic reforms as Tinubu promises to reduce hardship