IMF Is Not Bad But We Dont Need Their Loan – Adeosun
Kemi Adeosun, minister of finance, says the International Monetary Fund (IMF) is not bad, but Nigeria does not need the fund’s borrowing programme.
In an interview with CNBC Africa, Adeosun said the IMF loan programme has made a “huge national debate,” but the country see IMF as its last resort.
“For us, the IMF is really lender of last resort when you have balance of payments problem. Nigeria doesn’t have balance of payments problems per se, it has a fiscal problem, which is that major revenue source has lost so much value,” Adeosun said.
“What IMF does for you is that it gives you programmes for reforms, we are already doing as much reform as any IMF programme would impose on Nigeria.
“Nigerians want to take responsibility for their future. We must have our home-grown, home-designed programme of reform, that Nigerians take ownership for, because they are painful reforms.
“When you go through this type of adjustment of your economy, these reforms are very painful, and they have to be home-grown. We have to take responsibility for this ourselves, so that when it succeeds, Nigerians would say; yes, we did this.
“I am not saying the IMF are bad, but I’m saying right now, we don’t see that need. we feel this is a problem Nigerians created and Nigerians will solve.
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