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IMF Warns Nigeria,Others On Dangers Of Foreign Loan

IMF Warns Nigeria, Others On Dangers Of Foreign Loans

The International Monetary Fund, IMF has warned Nigeria and other low income countries against the dangers of reliance on foreign borrowings.

Data by the Nigeria Bureau of Statistics, NBS, indicates the country’s increased exposure to foreign loans, which rose by 40 percent to $15.04 billion as at September 2017 from $10.72 billion in 2015.

Financial Counsellor and Director, Monetary and Capital Markets Department, IMF, TOBIAS ANDRIAN gave this warning while speaking at a press briefing on the Global Financial Stability Report released at the World Bank/IMF Annual Meetings in Washington D.C.

ANDRIAN noted that portfolio inflow to emerging economies is expected to hit $300 billion in 2017, with Nigeria and other low income countries benefiting from easy financial conditions by expanding their access to international bond markets, adding that this is expected to further support growth prospects in these countries.

 

 

 

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