Stop Oil Theft Now, IMF Tells Jonathan The International Monetary Fund (IMF) on Friday called on the President Goodluck Jonathan-led federal government to intensify its fight against oil theft and production loss in Nigeria, stressing that the criminal act had caused a lot of setback to the economic growth of the nation. Making this charge at the end of the IMF’s executive board consultation with the Nigerian authorities, the Fund advised the federal government to strengthen the regulatory framework by passing a sound Petroleum Industry Bill with enhanced oversight and transparency provisions. Members of the IMF board of directors further stated that a framework for anti-money laundering and combating the financing of terrorism could support these efforts. They however commended the Nigerian authorities for lowering inflation and considered the current tight monetary policy stance to be appropriate, given the risks associated with potential capital flow reversals. “To better manage liquidity, they generally encouraged more reliance on open market operations to guide short- term interest rates, ” they noted. Leadership
Posted on: Mon, 10 Mar 2014 06:23:58 +0000
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