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IMF Advises FG on 2005 Budget From Kunle Aderinokun in Abuja Managing Director, International Monetary Fund (IMF), Mr. Rodrigo de Rato has advised Federal Government to work towards consolidating the reform programme of President Olusegun Obasanjo's administration called the National Economic Empowerment and Development Strategy (NEEDS), through the 2005 budget. Fielding questions from newsmen from IMF's headquarters in Washington at the weekend via video conference covering three locations (Abuja, Nigeria; Libreville, Gabon; and Kampala, Uganda), Rato said "we believe that 2005 budget will be a very good moment for consolidating the reforms and to adopt a medium-term expenditure framework, as to provide the Nigerian budgetary authority with modern framework to work in reduction of inflationary pressure." Rato is expected to commence his first-ever visit to Africa in Nigeria today and proceed to Libreville, Gabon tomorrow and would on Thursday be in Kampala. The IMF chief executive added that the 2005 budget would cater for the total reform agenda focusing on governance, civil service reform and the development of the non-oil sector as well as important reform in the financial sector. Rato observed that the Fund had advised Federal Government not to rely too much and make projections based on the windfall from the rising oil price in international market so as not to increase inflationary pressure, saying government should use opportunity of the budget constraint at this period to increase revenue. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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