Speaking yesterday at the ongoing IMF/World Bank Spring Meetings in the United States, Director, IMF Monetary and Capital Markets Department, Tobias Andrian, said there was nothing bad in borrowing from China, except that the terms of such loans are always questionable.
DMO said that as at June 2018, loans obtained by the Federal Government from China represented about 8.5 per cent of Nigeria’s external debt and that they were taken under concessionary terms. But Nigeria was last year seeking $6 billion from China to fund the construction of the Ibadan-Kano rail line project.
He said: “We advise countries that where those downside risks are increasing, to take more steps to ensure that vulnerabilities are not rising too much. Addressing non-performing loans is a first order importance for financial stability. Many countries have tackled that by developing secondary market for non-performing loans.
The Division Chief Monetary and Capital Markets at the IMF, Anna Ilyina, said the institutional mechanisms for resolution and recognition of non-performing loans are, of course, extremely important part of the process of cleaning up the banking system of bad loans and the authorities should continue working along those lines.
She said: “Widening the range of investors can be positive factor for emerging markets, yet that trend leaves economies vulnerable to a sudden reversal of capital flows in response to global trends. The vulnerabilities intensifying in a maturing credit cycle, this is the time for decisive policy action. The intensification of trade tensions and the threat of a disorderly practices have dented investor confidence.
Source: News Formal (newsformal.com)
IMF don't want us to be free from them, International politics
Why u dey Panadol for our own headache
hahaha imf in safia pain
I'm tired of this government. They keep borrowing left right and centre. They will tell us that EFCC have seized billions of dollars but the will go and borrow millions of dollars. Our foreign reserve has been depleted by more than 50%. NNPC & NLNG has been selling. Kilode ?
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IMF cautions Nigeria against borrowing from China - The Nation NigeriaThe International Monetary Fund (IMF) has warned Nigeria and other emerging market countries taking excessive loans from China Lolz. Yeye people What's your headache if I may ask
Source: TheNationNews - 🏆 6. / 69 Read more »
IMF warns Nigeria, others on loans from China - Daily Post NigeriaThe International Monetary Fund (IMF) has cautioned Nigeria and other developing countries from against taking loans from China due to unfavourable loan co
Source: DailyPostNGR - 🏆 11. / 59 Read more »
Stop taking loans from China, IMF cautions Nigeria, others - Vanguard NewsThe International Monetary Fund (IMF) has cautioned Nigeria and other developing countries from taking loans from China due to unfavourable loan conditions. vanguardngr Lol... IMF vanguardngr They wouldn't listen but will call them wailers vanguardngr If Nigeria stop taking loan from China, Nigeria shld go back taking loan from IMF
Source: vanguardngrnews - 🏆 5. / 75 Read more »
Beware of loans from China, IMF cautions Nigeria, others🤣🤣🤣🤣 IMF is in pains because we didn’t take their loans 🤣 😂😂😂😂
Source: MobilePunch - 🏆 8. / 63 Read more »
IMF prescribes tight Monetary policy for Nigeria – Daily TrustThe International Monetary Fund, IMF, has advised the Central bank of Nigeria (CBN) to keep monetary policy tight for some... We don't need that snare called money! Tanx but no thanks
Source: Daily Trust - 🏆 13. / 51 Read more »
IMF: growth for commodity exporters weighed down in Nigeria, AngolaThe International Monetary Fund (IMF) World Economic Outlook released on Tuesday shows that growth prospects for commodity exporters in Nigeria
Source: TheNationNews - 🏆 6. / 69 Read more »
IMF: economy on right track - The Nation NigeriaThe International Monetary Fund (IMF) has expressed a renewed confidence in the Nigerian economy.Its Executive Directors also hailed the economy’s r No Western Pills for the Nigerian Malady just bear knuckle economics of self control preservation and raising local productivity Kudos MBuhari ProfOsinbajo HMKemiAdeosun cenbank Somebody should tag Baba Obasanjo kakra68 Without there input they shld add.
Source: TheNationNews - 🏆 6. / 69 Read more »
Ahmed, Emefiele attend IMF/World Bank meetings in WashingtonThe Minister of Finance, Mrs Zainab Ahmed and the Governor, Central Bank of Nigeria, Mr Godwin Emefiele, will join other economic experts from around the world to discuss issues affecting global ec...
Source: MobilePunch - 🏆 8. / 63 Read more »
IMF reviews Nigeria’s growth upwards to 2.1% - Vanguard NewsThe International Monetary Fund, IMF, has effected an upwards review of Nigeria’s economic growth rate projection to 2.1 percent, a second review by the Bretton Woods institution on the forecast this year alone. Earlier in January it had reviewed the statistics downwards to 2.0 percent from initial figure of 2.3 percent referencing challenges in the international oil prices. But oil prices have been stabilizing since February this year.
Source: vanguardngrnews - 🏆 5. / 75 Read more »
IMF says Nigeria’s debt-to-GDP ratio is risky - Vanguard NewsThe International Monetary Fund, IMF, said yesterday that Nigeria’s Debt-to-GDP ratio though good but risky and cannot be guaranteed going forward.
Source: vanguardngrnews - 🏆 5. / 75 Read more »