The Nigerian government withdrew from an IMF-monitored programme in early March. From July 2000 to October 2001 Nigeria had been involved in a Standby arrangement with the Fund. The country has recently faced “challenges” that caused the government to fall short of its targets. It decided not to continue with arrangements “where only narrowly defined macroeconomic targets come into play” but to develop a home-grown programme to identify “prudent economic objectives that the people of Nigeria can support”. In July 2000 the Nigerian House of Representatives opposed the Standby agreement.
World Bank & IMF in the news
Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.