JUST IN: No request for IMF funding support from Nigerian Govt – Official

The International Monetary Fund (IMF) on Friday said there has been no request for funding from the Nigerian government.

Abebe Selassie, the head of African Department at the IMF, made this known Friday on the sidelines of the World Bank/IMF meetings in Washington DC.

Mr Selassie spoke at the regional economic outlook for Sub-Saharan Africa press conference.

The Nigerian government has, in recent times, effected reforms it says are aimed at restructuring the economy and fixing structural distortions.

The government recently removed subsidies on petrol and unified the various windows of the foreign exchange market.

The IMF and World Bank have, for several years, called for these key reforms as a means to engender growth and drive economic progress.

These policies have, however, caused pain for many Nigerians, amid elevated prices and reduced purchasing power.

The IMF and World Bank typically spell out these reforms as prerequisites for funding support for many countries around the world.

Reacting to a question on whether the Nigerian government has approached the IMF for funding since the reforms took effect, Mr Selassie said there has not been any request for IMF funding support from Nigeria.

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“No request for funding from Nigeria at the moment,” he said.

He added, however, that it is the right of every country to borrow and access concessionary funding from the IMF.