Countries don’t have to take IMF advice always – Minister

"You don’t always have to take their advice. The IMF said to us that we shouldn’t do domestic issues of dollar bonds but we did it and we were 100 per cent oversubscribed. But we still value their viewpoint and take it into account."

Nigerian Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, on Wednesday, said that countries of the world do not necessarily need to take advice from the International Monetary Fund (IMF) and other global institutions.

Mr Edun made this known Wednesday on the sidelines of the World Bank/IMF annual meetings in Washington DC.

The event tagged Global Investors’ Forum, had in attendance policy experts, market analysts, investors, fund managers, and civil society organisations.

The minister said the Bretton Wood institutions support countries with concessional financing and advisory, helping to shape domestic policies and plans.

However, countries don’t necessarily need to take IMF advice all the time, he said.

You don’t always have to take their advice. The IMF said to us that we shouldn’t do domestic issues of dollar bonds but we did it and we were 100 per cent oversubscribed. But we still value their viewpoint and take it into account,” he said.

Mr Edun noted, however, that the IMF and other global institutions provide valuable advisory support that helps country reshape their economy and fix domestic issues.

In addition to that, the institutions also provide concessionary loans that serve as buffers to countries in moments of need.

“What happened during COVID that everybody was credited; like everybody else, we have funding… (It) was just done by the IMF in their role, commitments and responsibilities for stabilising the international financial system, they credited everybody.

“Apart from money, the thought leadership, technical assistance, and advice, information and data that these institutions are able to provide is of value,” Mr Edun said.