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Finance ministers hold talks on growth sustenance – IMF

IMF

More than 150 finance ministers across the world are discussing ways to ensure that ongoing economic recovery and growth in their respective countries are sustained, International Monetary Fund (IMF) Managing Director, Christine Lagarde, said on Thursday.

Nigeria’s Finance Minister, Mrs. Kemi Adeosun, is among the ministers in talks with their counterparts across the world on sustained economic growth.

The IMF projected that Nigeria’s economic growth would rise by 0.8 per cent this year.

Lagarde, who spoke at the opening news conference of the IMF and World Bank Spring Meetings in Washington, said there was no single country in the world with negative forecast for this year even as the world economy is projected to grow at 3.5 per cent this year.

“We are finally seeing the global economy picking up the momentum, which will be sustained. We need to ensure that the momentum is sustained and growth shared more equitably. We are discussing how to sustain the momentum with finance ministers. We need to reinvigorate productivity through innovation and trade,” she said.

World Bank President, Jim Yong Kim, said the global body was encouraged to see stronger economic prospects after years of disappointing global growth.

He said there are still many downside risks, however, and countries that have the fiscal space need to continue with structural reforms. “This is vital to accelerating the sustainable and inclusive economic growth needed to end extreme poverty by 2030. We are meeting at a time when we face several overlapping crises, both natural and man-made, all of which add urgency to our mission,” he said.

Kim said there was need to find new and innovative ways to reach the poor, and make the world more secure and stable.

“Last week at the London School of Economics, I outlined how we are working to change our approach. We have to start by asking whether the private sector can finance a project. If the conditions aren’t right, we will work with our partners to de-risk that project or, if needed, de-risk entire countries or sectors,” the World Bank chief said.

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