The International Monetary Fund (IMF) has urged African governments to enhance public service delivery through technology-driven governance while calling for urgent fiscal reforms.
At a press briefing in Washington, D.C., to launch the updated Fiscal Monitor during the ongoing IMF/World Bank Annual Meetings, Vitor Gaspar, the director of the IMF's Fiscal Affairs Department, expressed concern over Nigeria's extremely low revenue-to-output ratio, which he said is hindering the country's ability to invest in development and manage its debt sustainably.
Gaspar cautioned that delaying essential fiscal adjustments in the region could impede development efforts and exacerbate public debt levels.
His remarks highlight the critical need for African nations to adopt innovative governance solutions and implement effective fiscal policies to ensure long-term economic stability and growth.