Nigeria won't borrow from IMF, World Bank -Okonjo-Iweala

By The Citizen

The Federal Gov­ernment yesterday ruled out more borrowings from the Brettenwood insti­tutions to manage fiscal shocks and vulnerabili­ties arising from declin­ing crude oil price at the international market.

Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo- Iweala, who gave the assur­ance against the backdrop of threats posed on project implementation by declining crude oil prices at the rap-up session for Nigeria at the just concluded annual meetings of the IMF and the World Bank in Washington DC, yeste­rady, said government was considering a number of other options that did not include borrowing from the IMF and the World Bank.

Her response came against the backdrop of anxiety in some quarters that the nation's rising external debt profile and declining revenues may cripple the business of gov­ernance, even as the two de­velopment finance institutions have advised governments of developing and frontier econ­omies to adopt contingency plans to manage downside effects of expected revenue shortfalls. Agency report