The International Monetary Fund (IMF) wednesday endorsed the Economic Recovery Growth Plan (ERGP) 2017-2020, launched recently by the federal government applauding it as “how fiscal policy should be thought in developing countries.”

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The Fund’s Director, Fiscal Affairs Department, Mr. Vitor Gaspar, conveyed its position on the plan while responding to a question during a media briefing on the IMF Fiscal Monitor press conference at the ongoing IMF/World Bank Spring meetings in Washington DC.

The IMF official said he had the privilege of visiting Nigeria some months ago and was very happy to understand that for the Nigerian government, fiscal policies in general and tax policy in particular were part of the strategy for development.

According to Pattillo: “We very much welcome the ERGP. As you are aware, Nigeria went into recession last year, there have been forecasted recovery, but still very fragile this year and the need to address the fiscal situation is urgent. Our recommendation is for the continued fiscal consolidation.