{"id":46144,"date":"2016-02-03T11:50:15","date_gmt":"2016-02-03T10:50:15","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=46144"},"modified":"2016-02-03T11:50:15","modified_gmt":"2016-02-03T10:50:15","slug":"imf-ready-to-borrow-nigeria-money-upon-request","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/imf-ready-to-borrow-nigeria-money-upon-request\/","title":{"rendered":"IMF Ready To Borrow Nigeria Money Upon Request"},"content":{"rendered":"<p>The International Monetary Fund said <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1329361561\"><span class=\"aQJ\">on Tuesday<\/span><\/span> it stands ready to help<br \/>\nsub-Saharan Africa\u2019s oil exporters cope with plunging crude prices and<br \/>\ngrowing fiscal pressures but has not received any new funding requests<br \/>\nfrom the region.<\/p>\n<p>Nigeria and Angola instead have turned to the World Bank for assistance,<br \/>\neven though the IMF is typically viewed as the world\u2019s go-to crisis<br \/>\nlender.<\/p>\n<p>Facing an estimated $15 billion budget deficit in 2016, Nigeria\u2019s finance<br \/>\nministry has said it is looking to borrow as much as $5 billion. It has<br \/>\nheld discussions with the World Bank, African Development Bank and China\u2019s<br \/>\nExport-Import Bank due to their \u201cconcessionary rates of interest.\u201d<\/p>\n<p>The World Bank is discussing potential financing for Nigeria and Angola<br \/>\nthrough a program to support structural changes in an emerging market<br \/>\ncountry\u2019s economy and government institutions.<\/p>\n<p>The two sub-saharan African countries are the latest in what may become a<br \/>\nlong line of oil-exporting countries to seek financial assistance to help<br \/>\nstem growing deficits as falling crude prices crush revenues. The IMF and<br \/>\nWorld Bank are already talking to Azerbaijan about a $4 billion financing<br \/>\npackage.<\/p>\n<p><span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1329361562\"><span class=\"aQJ\">On Tuesday<\/span><\/span>, U.S. crude fell back below $30 a barrel, half its price in<br \/>\nJune 2015 and down from about $100 two years ago.<\/p>\n<p>\u201cThe sharp decline in oil prices represents a formidable shock on the oil<br \/>\nexporting countries of sub-Saharan Africa, especially in view of their<br \/>\nstrong reliance on oil receipts for fiscal and external revenues,\u201d an IMF<br \/>\nspokeswoman said in a statement.<\/p>\n<p>The IMF noted that despite rising deficits, several of these countries<br \/>\nstill have adequate foreign exchange reserves and low levels of overall<br \/>\ndebt. This would suggest that a balance-of-payments crisis is not<br \/>\nimminent.<\/p>\n<p>When IMF managing director Christine Lagarde visited Nigeria in January to<br \/>\nmeet new President Muhammadu Buhari, she insisted that she was not there<br \/>\nto negotiate a loan program.<\/p>\n<p>\u201cWith the exception of Chad, which already had a program in place with the<br \/>\nIMF prior to the oil price shock, we have not received any new request for<br \/>\nfinancial assistance from sub-Saharan African oil exporters,\u201d the IMF<br \/>\nspokeswoman added. \u201cWe indeed stand ready to assist the authorities,<br \/>\nshould such a request materialize.\u201d<\/p>\n<p>Although wealthier Gulf oil producers are expected to fare better due to<br \/>\ndeeper reserves, the IMF issued a warning last week to Bahrain that it,<br \/>\ntoo should cut deficits now reaching 15 percent of economic output, which<br \/>\nhave weakened investor sentiment.<\/p>\n<p>REUTERS\/MailOnline<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The International Monetary Fund said on Tuesday it stands ready to help sub-Saharan Africa\u2019s oil exporters cope with plunging crude prices and growing fiscal pressures but has not received any&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":46145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-46144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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