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.
