The International Monetary Fund has advised Nigeria and other developing economies with large foreign currency borrowings and external financing need to prepare for turbulence in financial markets.
In a blogpost titled ‘A Disrupted Global Recovery’ discussing its World Economic Outlook Update report, the IMF said, “As the monetary policy stance tightens more broadly this year, economies will need to adapt to a global environment of higher interest rates. “In some cases, foreign exchange intervention and temporary capital flow management measures may be needed to provide a monetary policy with the space to focus on domestic conditions. With interest rates rising, low-income countries, of which 60 per cent are already in or at high risk of debt distress, will find it increasingly difficult to service their debts.
According to the IMF, as the policy space diminishes in many economies, fiscal deficits are expected to shrink in most countries.
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