IMF advocates cash transfers to cushion hardship in Nigeria
Synthesised from 2 African sources
Sign up for free AllAfrica Newsletters Get the latest in African news delivered straight to your inbox "In such circumstances, the central bank must continue to focus on price stability and ensure that its monetary policy stance remains sufficiently restrictive to bring inflation back to target, while also taking account of the effects on economic activity," Igan said.
Responding to the broader policy challenge, specifically how fiscal and monetary policies could be better positioned to ensure that the burden of economic stabilisation did not fall disproportionately on ordinary citizens while preserving price stability and investor confidence, Igan explained that monetary authorities must also balance the need to control inflation against the effects of policy measures on economic activity, particularly when economies face supply-side shocks.
The International Monetary Fund (IMF) has advocated targeted cash transfers and temporary income support for vulnerable households in Nigeria to cushion the impact of high living costs, reduce poverty and improve food security.
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