{"id":91398,"date":"2022-02-01T20:26:26","date_gmt":"2022-02-01T19:26:26","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=91398"},"modified":"2022-02-01T20:26:26","modified_gmt":"2022-02-01T19:26:26","slug":"imf-tells-nigeria-to-prepare-for-harder-times","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/imf-tells-nigeria-to-prepare-for-harder-times\/","title":{"rendered":"IMF tells Nigeria to prepare for harder times"},"content":{"rendered":"<div dir=\"auto\">Despite floating a $50 billion trust fund to shore up low-income and vulnerable countries for their balance of payments obligations, the International Monetary Fund (IMF) has warned high debtors, including Nigeria, to brace for turbulent times.<\/div>\n<div dir=\"auto\">\nNigeria spent $520.78 million on external debt servicing in the third quarter of 2021, rising by 74.2 per cent against $298.9 million in Q2 2021, according to the Debt Management Office (DMO).<\/p>\n<p>The rise was due to external debt which grew to $37.96 billion in Q3 2021, up from $33.47 billion in Q2 2021.<\/p>\n<p>The 4 billion Eurobond raised from the international debt market to beef up external reserves above $40 billion also drove up foreign debt.<\/p>\n<p>The IMF gave the warning in blog post titled, \u201cA Disrupted Global Recovery\u2019 discussing its World Economic Outlook\u201d, saying the recent shift in monetary policy can negatively affect emerging economies like Nigeria.<\/p>\n<p>\u201cAs the monetary policy stance tightens more broadly this year, economies will need to adapt to a global environment of higher interest rates.<\/p>\n<p>\u201cEmerging market and developing economies with large foreign currency borrowing and external financing needs should prepare for possible turbulence in financial markets by extending debt maturities as feasible and containing currency mismatches.<\/p>\n<p>\u201cIn 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,\u201d the IMF said.<\/p><\/div>\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>Despite floating a $50 billion trust fund to shore up low-income and vulnerable countries for their balance of payments obligations, the International Monetary Fund (IMF) has warned high debtors, including&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":82396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-91398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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