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IMF Report Invites Readers to make their own Judgment

A Letter to the Editor
By G.E. Gondwe
Director, African Department
International Monetary Fund

Financial Times
August 6, 2001

Sir, Your editorial on the International Monetary Fund and Nigeria was refreshingly candid and raised a number of interesting issues.

The disappointments with economic policies, particularly the continuing elusiveness of macroeconomic stability, that you identify are widely shared, not least by the IMF and the Nigerian authorities.

However, whether the picture is as bleak as you paint, and whether the IMF has uncritically acquiesced in weak policy performance, as you suggest, are open to question. The reader is invited to make his own assessment on these points by reading the staff report on the IMF's recent Article IV consultation with Nigeria. In a welcome move towards transparency, the authorities have consented to have this report released by the IMF. It is scheduled to appear on our website, www.imf.org, today.




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