IMF ‘willing’ to help Africa’s oil exporters

International Monetary Fund (IMF) Managing Director Christine Lagarde (L) gestures during a session of the World Economic Forum annual meeting on January 23, 2015 in Davos. / AFP / FABRICE COFFRINI

JOHANNESBURG — The International Monetary Fund says it’s willing to help oil exporters in sub-Sahara Africa.

The global funder is willing to give funding to oil merchants who are facing plunging crude prices and growing fiscal pressures.

Oil producers in Nigeria and Angola have asked the World Bank for help.

The price of a barrel of oil has dropped by more than 70 percent since June 2014.

Nigeria faces an estimated R42-billion deficit this year, and is looking to borrow some R80-billion to plug the gap.

The World Bank is now looking at financing for Nigeria and Angola with a programme to support structural changes in emerging market countries.

– eNCA

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