The Oxfam International has described the International Monetary Fund (IMF) policies as ill-conceived and unhealthy for developing countries.

Also at a press conference in the on-going IMF/World Bank meetings in Washington D.C., the IMF on Saturday forecast a nine per cent economic growth for Nigeria.

The Deputy Director, African Department of the IMF, Mr. Saul Lizondo, expressed confidence that the economy of Nigeria was on the right track.

He said: "the economy will rebound. We are forecasting healthy growth of nine per cent for the oil and the non-oil sector. And in terms of inflation, we consider that the economy will continue with a single digit inflation, in particular, the Governor of the Central Bank (CBN) has been tightening inflation".

It would be recalled that in October last year, the Fund’s Policy Support Instrument also reflected a positive growth for the country’s economy.

The Fund, Saturday also saw a single digit inflation for the country in its newly released Regional Economic Outlook for sub-Saharan Africa.

The CBN Governor, Professor Charles Chukwuma Soludo, who spoke to reporters in Washington D.C, praised the outcome, attributing it to government’s reform programmes over the years.

He said: "My reaction is that it is a reconfirmation of what we have already done and that the facts speak for themselves. It is something to be happy about, but I also believe we could do a lot better. Nigeria cannot afford to return to the era of high and volatile inflation. I’ve always said that the least you can do for the poor is to preserve their nominal income"

The CBN had forecast a growth rate of seven per cent for this year and 13 per cent for the year 2020. Currently, inflation is also about eightper cent. This cheery news from the World Bank depicts that Nigeria is on course to surpass its projected economic growth. Nigeria is currently the 41st largest economy in the world.

Nigeria’s inflation rate is in the region of eight per cent. The CBN keeps the growth rate at seven per cent for this year.

Daily Trust also learnt that Nigeria is the world’s 41st economy.

Meanwhile, the Oxfam International has taken a swip on the IMF.

	1. 17-04-2008 11:42
	imf 77in the fistimf.cripple nigerian economy through sap BUT now how sure are we it will uplift our economy . Guest

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