We strongly support Tinubu’s reforms, says IMF MD

November 21, 2024 1:24 pm

Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), says the organisation is strongly in support of the economic reforms introduced in Nigeria under President Bola Tinubu.

Speaking on X on Thursday, Georgieva lauded economic reforms implemented under the current government.

Her statement followed a meeting with the president on the sidelines of the G20 summit in Brazil.

“Excellent meeting with 🇳🇬 President @officialABAT at the #G20 Summit,” the statement reads.

“Commended Nigeria’s decisive actions to reform the economy, accelerate growth and generate jobs for its vibrant population.

“The IMF strongly supports Nigeria on this journey.”

The petrol subsidy removal, the liberalisation of the foreign exchange system, and the recent deregulation of the country’s petroleum downstream sector are a few policies of the incumbent government.

The policies are expected to reset Nigeria’s economy, regain investors’ confidence and attract investment in critical sectors.

On October 25, the IMF commended Tinubu’s administration during a press briefing in Washington DC, United States, for the economic reforms.

On June 12, during Nigeria’s 25th democracy anniversary, Tinubu said the country’s economy had been unstable and urgently required reforms that had been delayed for decades.

The president acknowledged the economic challenges facing the nation, saying his administration was working tirelessly to address them.

On October 17, during the launch of the Nigeria Development Update (NDU) report in Abuja, World Bank said the country is seeing positive results from the reforms — even though complaints of hardship remain pervasive across the nation.

The World Bank warned that continuity in the reforms is necessary, as reversing them would spell doom for Nigeria.