IMF agrees to economic aid for Nigeria

The International Monetary Fund (IMF) has agreed to an economic programme monitored by it, news organisations reported quoting IMF spokesman William Murray in Washington D.C. on Monday. The agreement is the first in almost 10 years between the IMF and Nigeria but will not involve the release of IMF funds, Reuters said. Murray would not give details other than to stress that it aimed to help Nigeria maintain macroeconomic stability, improve governance and promote structural reforms, including privatisation. Murray, quoted by Reuters, said an IMF team returned from Abuja on Sunday after an agreement in principle was reached on a staff-monitored economic programme. He said he anticipated that the fund’s management would review the agreement shortly so that it could take effect. AFP said Nigeria was seeking international help with its economic crisis which has been worsened by the collapse of oil prices, which accounts for most of its foreign earnings.