The International Monetary Fund (IMF) on Tuesday, October 10, said economic reforms started by President Bola Tinubu, would trigger stronger and inclusive
Speaking during the presentation of World Economic Outlook at the ongoing IMF/World Bank Annual Meetings in Marrakech, Morocco, the Economic Counsellor and the Director of Research of the IMF, Pierre-Olivier Gourinchas lauded the speed at which President Tinubu instituted important reforms on unified exchange rates and removal of subsidy on petrol.
Mission Chief at IMF, Daniel Leigh, said that President Tinubu has moved quickly with important reforms including ending the fuel subsidies and unifying the official exchange rates. “For SSA we have growth bothering out in 2023 and coming back up in 2024 inflation is peaking but it is still in double digits for more than 40 percent of the economies, we see African growth at 3.34 per cent and that is above average but it is below the potential that Africa has and it needs to catch up more quickly.”
He said headline inflation continues to decelerate, from 9.2 percent in 2022 on a year-over-year basis, to 5.9 percent this year and 4.8 percent in 2024. Gourinchas said fiscal buffers have eroded in many countries, with elevated debt levels, rising funding costs, slowing growth, and an increasing mismatch between the growing demands on the state and available fiscal resources. This leaves many countries more vulnerable to crises and demands a renewed focus on managing fiscal risks.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why Tinubu should probe NNPCL over alleged corruption, by group | The Nation NewspaperArewa group, under the auspices of Mega National Movement for Good Governance (MNMGG), has called on President Bola Ahmed Tinubu to probe the oil sector,
Read more »
Tinubu mourns prominent corporate lawyer, Ogunbanjo | The Nation NewspaperPresident Bola Tinubu has mourned the death of one of Nigeria's most celebrated corporate lawyers and patriarch of the Ogunbanjo family of Ijebu-Ode,
Read more »
Tinubu’s leadership right for Nigeria, says Sani Musa | The Nation NewspaperThe chairman, Senate Committee on Finance, Senator Sani Musa (APC-Niger East), has described President Bola Ahmed Tinubu’s administration as the right
Read more »
Kogi 2023: Don't let strangers take over Kogi, Tinubu, APC Govs urge | The Nation NewspaperResidents of Kogi State have been asked to provide the opportunity for consolidation of the outstanding dividends of democracy by the All Progressives
Read more »
Guber poll: Tinubu, APC governors storm Kogi, ask electorate to vote trusted leaders | The Nation NewspaperThe national campaign Council for the Kogi state governorship election urged Kogites not to vote for strangers whose stock-in-trade was propaganda but to
Read more »
Insecurity: I will not let Tinubu, Nigerians down, CDS vows | The Nation NewspaperThe Chief of Defence Staff, Gen. Christopher Musa, has vowed not to President Bola Tinubu and Nigerians down, in his determination to end terrorism and other
Read more »