The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has applauded the economic reforms of President Bola Ahmed Tinubu’s administration and expressed her desire to visit Nigeria.
She spoke when she paid a courtesy visit on Tinubu on the sidelines of the G20 Leaders’ Summit in Brazil where the president reassured of his administration’s commitment to the welfare of the poor and most vulnerable.
Georgieva lauded the federal government’s social investment programmes aimed at cushioning the effects on the most vulnerable and promised the assistance of the organisation in this regard.
She said the IMF was focused on developing vulnerable societies and devoting substantial resources to emerging economies.
She expressed the IMF’s readiness to offer technical support for the budgeting process, adding that it will assist Nigeria in achieving the best possible results from loans.
Georgieva also said the world had suffered some shocks from the pandemic that caused damage to world economies.
She said the IMF was working with developing countries to build resilient institutions to better manage future global economic shocks, stressing that it is the right of every country to benefit from the Fund after a critical analysis of its priorities.
Georgieva also advocated deepening regional economic ties, ensuring the IMF is ready to support this process.
Meanwhile, while acknowledging that the reforms had weakened Nigerians’ purchasing power, President Tinubu said his administration will continue to provide social safety nets to cushion the unintended consequences.
Congratulating the IMF chief on her election for a second term in office, President Tinubu appreciated her support in implementing the reforms, calling for more institutional backing for stability and sustainable growth.
“We have started seeing positive results from our reforms, and the Nigerian people now understand the need for them, but we have to reduce the hardship that has resulted from the implementation.
He emphasised the critical need for educational access.
“We have too many children out of school, and we know that education is a way out of hunger and poverty. That is why we are designing ways and incentives to keep these children in school, and we need your support for these kids who want to stay in school,” he told the IMF chief.
Tinubu stressed that substantial resources must be invested to stimulate the much-needed infrastructural development in the country.
He further noted that Nigeria was working on tax reforms to stimulate the economy further.