The International Monetary Fund (IMF) has dismissed the possibility of total debt cancellation for Nigeria, Ghana, and other African economies.
Speaking during the African Session, at the ongoing IMF/World Bank Annual Meetings, in Marrakech, Morocco, IMF African Department Director, Abebe Selassie said 50 percent of total debts in Sub-Sharan Countries are domestic, making debt forgiveness difficult.
He said how the debts will be handed boils down to discussing with creditor nations on the way out of the crisis. The Central Bank of Nigeria and other central banks in many parts of the world kept raising interest rates in order to tackle elevated inflation.World Bank’s Chief Economist Indermit Gill said countries like the US and India are bright spots in the slowing global economy.
He said: “The big problem is that growth is slowing down to a much lower level than we had seen during the crisis. Even countries that are not in debt trouble but have high levels of public debt those debts crowding out private investment.”Banga said he has outlined measures to make the agency bigger, better, and more output-focused, which will give it an incremental lending capacity of $150 billion, 15-20% higher than current levels, over the next decade.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UNGA elects Ghana, three other African countries to Human Rights CouncilThe United Nations General Assembly has elected four African countries among 15 new members to serve on the Human Rights Council, with Peru and Russia failing to secure a seat.
Read more »
IMF Downgrades Nigeria’s Economic Growth Forecast For Year 2023 To 2.9%According to the IMF,
Read more »
Low Oil Output Forces IMF To Revise Nigeria’s GrowthThis is the International Monetary Fund (IMF) said the recent reforms of the Tinubu administration may pave the way for stronger and inclusive growth.
Read more »
IMF downgrades Nigeria’s economic growth projectionThe IMF said global headline inflation is expected to steadily decline from its peak of 8.7 per cent in 2022 (annual average) to 6.9 per cent in 2023
Read more »
Kevin McCarthy and the travails of democracy, By Dakuku PetersidePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »
The South-East economic and security summit: Another talk shop?, By Jideofor AdibePremium Times - Nigeria'bs leading online newspaper, delivering breaking news and deep investigative reports from Nigeria
Read more »