The head of the International Monetary Fund Christine Lagarde is having some trouble sleeping at night.
Speaking on Sunday, Lagarde said “quite a few countries” are keeping her awake lately, but at the top of the list are low-income nations that rely heavily on exporting oil.
“I think of a country like Nigeria, for instance, where 90% of its exports and 60% of its revenue are generated by oil or oil-related revenues,” Lagarde said in an interview on the sidelines of the Albright Institute at Wellesley College. “That’s a country that is facing…a real hardship.”
Several countries including Nigeria are running out of money because of cheap oil. According to reports, the country is considering asking the World Bank, the African Development Bank and other international organizations for a billion dollar loan to fund its 2016 budget.
Nigeria’s Finance Minister Kemi Adeosun has denied the reports.
“It’s necessary [for Nigeria] to very promptly redesign its business model and realign its interests with a completely new reality which is here for longer than many think,” Lagarde said.
