By Nana Musa

The Director of the African Department at the International Monetary Fund (IMF), Abebe Selassie, has commended Nigeria’s bold economic reforms and urged continued support for vulnerable citizens.

Selassie made the commendation during a press conference on the regional economic outlook for Sub-Saharan Africa in Washington D.C. on Friday.

He highlighted the reforms, including the removal of the fuel subsidy and the unification of the foreign exchange market, as essential measures to address unsustainable macroeconomic conditions.

While acknowledging the short-term hardships the reforms had caused, Selassie emphasised that addressing them was key.

He noted that strengthening the country’s economy required maintaining macroeconomic stability, restoring market confidence, and ensuring well-coordinated monetary and fiscal policies.

The IMF Director also stressed the importance of open communication with the public to build trust and garner support for the ongoing reforms.

He added that with sustained effort and careful policy calibration, Nigeria could achieve more inclusive and sustainable growth.

Selassie further shared that the latest regional economic outlook for Sub-Saharan Africa highlighted both progress and persistent vulnerabilities across the continent.

He observed that while some countries had made strides in addressing macroeconomic imbalances such as declining inflation and narrowing budget deficits, growth remained insufficient to significantly reduce poverty or address developmental challenges. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru