The International Monetary Fund has urged Nigeria and other countries in sub-Saharan Africa to do more domestically to increase tax revenues and improve the quality of spending.
According to the Managing Director of IMF, Kristalina Georgieva, advocacy for debt service suspension has provided about $7 billion to low-income countries, particularly in sub-Saharan Africa.
Speaking during a meeting in Washington, D. C, Ms Georgieva assured that the region would enjoy the fund’s support in improving governance, transparency and promote accountability.
She added that the IMF, in 2020, increased 13 times the financing to the Africa continent, especially on an emergency basis.
Georgieva revealed that the Agency is looking for ways to reform the concessional lending programme, the Poverty Reduction and Growth Trust in sub-Saharan Africa.
IMF Canvasses Tax Increment In Nigeria
She stated that economic fortunes were diverging dangerously globally, adding that a small number of emerging market economies are powering ahead including the U.S and China.
However, the IMF Boss noted that weaker and poorer countries were falling behind in this multi-speed recovery giving the risk of further economic scarring from job losses, learning losses, bankruptcies, extreme poverty, and hunger.