IMF Cuts Growth Projection, Warns Nigeria, Others On Rising Debts

International Monetary Fund (IMF), the global economic advisory body, has again cut the world’s growth forecast for this year, and warned against compounding more debts, with emphasis on developing nations to avert derailing their sustainable goals.

IMF also warned nations with high debt stock to be wary of new listing, among them Nigeria, whose debt has risen from about N11 trillion in the last five years to a new high of N24 trillion as at December 31st, 2018, with the debt burden (debt to GDP) growing from 18 to 19 per cent according to the Debt Management Office (DMO) last week.

Reacting to the warning, a Development Economist, Odilim Enwegbara, described as dangerous and worrisome, the continuous piling of debts by the current administration and declared that the only way of checking the malaise is to allow the Public Private Partnership (PPP) policy to work in Nigeria.

Furthermore, Eurodad, a European network on debt and development, also warned that progress in sustainable development goals (SDGs), could be derailed or even reversed thus lifting poverty and inequality if not checked by highly indebted countries.

Source

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