The International Monetary Fund (IMF) has a tsk for the governor of the Central Bank of Nigeria and those of other countries’ apex banks.
It appears that there is fire on the mountain and the last set of people expected to sit and watch while it spreads are the apex bank governors.
Inflation rate is rising in most countries, most still heaped on the aftermath of COVID-19 pandemic.
Now, the IMF wants the governors of these apex banks to tame the roaring inflation.
The IMF says the only way ample opportunities for investments and growth will come is if they push inflation rate down.
At a meeting with central Banks, the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva said they had a duty to bring down inflation and ensure price stability in the countries.
She made this statement at the ongoing IMF/World Bank Spring meetings in Washington DC.
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”Their job has become more complicated because of the exposure to vulnerabilities in the financial sector.
“That means attention has to be paid to financial stability.
Keeping Interest Rate High
“Fortunately, they have different tools they can apply to deal with these two different problems.
“They can fight inflation by keeping interest rates higher for longer and they can provide targeted liquidity should there be a need to bring down risks to financial stability.”
On emerging global debt crisis, Georgieva added that for the first time in history, the IMF and World Bank Group have assembled all countries with significant debt and their creditors for a roundtable to restructure debts.
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“We are going to have the global sovereign debt roundtable with all creditors, debtors countries and the key institutions.
“This is so we can find solutions to what otherwise can be devastating for countries,” Georgieva added.
