The Nation Newspaper

Tag: Lagarde

  • We’ll look inward to tackle economic challenges – Buhari

    We’ll look inward to tackle economic challenges – Buhari

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    President Muhammadu Buhari on Tuesday said his administration will look inwards, enforce regulations to stop financial leakages and adopt global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the Nigerian economy.

    He made the remark while receiving the Managing Director of the International Monetary Fund (IMF), Ms Christine Lagarde, at the Presidential Villa, Abuja.

    Buhari, in a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, said his administration will also enforce greater discipline, probity and accountability in all revenue generating agencies of the Federal Government.

    He said: “We have just come out of budget discussions after many weeks of taking into consideration the many needs of the country, and the down turn of the economy with falling oil prices and the negative economic forecasts.

    “We are working very hard and with the budget as our way forward, we will do our best to ensure that our country survives the current economic downturn.

    “We have also told all heads of Ministries, Departments and Agencies of government that on our watch, they will fully account for all funds that get into their coffers.”

    The President said the Federal Government was reviewing its operational costs and had directed all the Ministries, Departments and Agencies to cut down on their overhead costs.

    He said the Federal Government will welcome the technical support and expertise of the IMF for its plans to diversify the Nigerian economy and further unleash its growth potentials.

    In her remarks, Ms Lagarde said the IMF will be willing to assist the federal government in plugging revenue leakages, tracing stolen funds and restructuring its tax system.

  • Lagarde welcomes loan payment commitment from Athens

    International Monetary Fund (IMF)  chief Christine Lagarde has welcomed news that Athens will make a loan payment due to the IMF this week.

    Greece’s Finance Minister Yanis Varoufakis said his country intended to meet “all obligations to all its creditors, ad infinitum”.

    His comments followed a meeting in Washington with IMF officials.

    It has been almost five years since the start of the Greek bailout.

    Ms Lagarde said in a statement that she and Mr Varoufakis had agreed continuing uncertainty over Greece’s ability to repay its debt was not in the country’s interest.

    “I welcomed confirmation by the minister that payment owing to the Fund would be forthcoming on April 9th,” Ms Lagarde said.

    “I expressed my appreciation for the minister’s commitment to improve the technical teams’ ability to work with the authorities to conduct the necessary due diligence in Athens, and to enhance the policy discussions with the teams in Brussels, both of which will resume promptly.”

    There had been concerns that Greece would not be able to meet its IMF loan repayment of €450m.

    Greece has been in tense, drawn-out negotiations in recent months with its creditors over its bailout program.

    In February, its government negotiated a four-month extension to its bailout in return for dropping key anti-austerity measures and undertaking a eurozone-approved reform programme.

    But IMF leaders together with the European Union (EU) have frozen aid to the cash-strapped nation until its government comes to an agreement on the reform package.

    Last week, the country presented a new package of reforms in the hope of receiving some funding, but the proposal has not yet received approval from EU and IMF lenders.

    The delay of about €7.2bn ($7.9billion; £5.3billion) due to be delivered to Greece has forced the government to use its reserves to meet its obligations.

  • Lagarde hints at global forecast cut

    Lagarde hints at global forecast cut

    International Monetary Fund Managing Director Christine Lagarde signaled a cut in the institution’s global growth forecasts, saying investment is still weak and that risks remain in the United States (US) even as its rebound accelerates.

    “The global economy is gathering speed, though the pace may be a bit less than we previously predicted because the growth potential is lower and investment” spending remains lackluster, Lagarde told the Cercle des Economistes conference in Aix-en-Provence, France.

    The remarks underline the threats to global economic growth at a time when the US Federal Reserve is trimming stimulus and the European Central Bank is fighting inflation that is less than half its targeted level. The IMF is preparing to update its economic forecasts this month after predicting April 8 that the global economy will expand 3.6 percent this year and 3.9 percent in 2015.

    Growth in the US, the world’s largest economy, is set to accelerate in coming months and Asia’s emerging market economies will avoid a hard landing, though the European recovery is still not as strong as it should be, Lagarde said.

    In the US “we expect a significant rebound,” Lagarde said, adding that risks to US growth include the ability of the Fed to taper in an “orderly” manner and that of the Treasury to put in place a medium-term budget framework