The World Bank and the International Monetary Fund (IMF) have approved Federal Government’s new economic reform programme, the National Economic Empowerment and Development Strategy (NEEDS), and promised to support its implementation.

The World Bank also pledged to double the annual concession of N26 billion ($200 million) that it lends to countries if the reform programme is successfully implemented.

Finance Minister, Dr Ngozi Okonjo-Iweala, who recently returned from the World Bank/IMF meeting in Dubai, United Arab Emirates, disclosed this at the weekend of 26 September in Abuja. The meeting took place from 17 to 24 September.

Dr Okonjo-Iweala had presented the NEEDS formula at the meeting, which was attended by finance ministers, central bank governors of the 183 member-nations of the IMF/World Bank and private sector participants from the world’s top investors.

The Minister stated that her presentation, as well as President Olusegun Obasanjo's commitment to the implementation of the reform programme, helped to create a positive image of Nigeria at meeting.

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