Buhari, Adeosun to hold talks with IMF team

President Muhammadu Buhari will on Tuesday hold talks with  the International Monetary Fund team led by its managing director, Christine Lagarde.

Minister of Finance, Kemi Adeosun will also attend the meeting that will hold in Abuja.

“I look forward to productive meetings … as they address important economic challenges, most importantly the impact of low oil prices,” said Lagarde in a statement.

The statement gave no other details, but the meeting suggests an acknowledgement of Buhari’s efforts to revive Nigeria’s economy.

He had announced a record budget for 2016, forecasting a doubling of the deficit to 2.2 trillion naira ($11 billion) and a tripling of capital expenditure intended to help the country adjust to the downturn in oil, which has lost around two-thirds of its value since mid-2014.

It has foreign currency reserves worth around $30 billion, and plans to borrow as much as 900 billion naira abroad to fund the deficit, which is equivalent to 2.16 percent of gross domestic product, Buhari said. Some 984 billion naira would be borrowed at home.

Lagarde is due to arrive in Nigeria’s capital, Abuja, on Monday. She is due to give a speech to lawmakers on Wednesday and will also meet business leaders during her visit, the IMF said.
Lagarde will also visit Cameroon, where she will meet President Paul Biya and his economic team.

Lagarde will also meet Finance Ministers from the six member countries of the Economic and Monetary Community of Central Africa (CEMAC), delivering a speech to the group on Jan. 8.

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