CHECK: IMF says inflation, debt pushing Nigeria, others to the brink - The World's Biggest Pride
Home / AFRICA NEWS / News Africa / CHECK: IMF says inflation, debt pushing Nigeria, others to the brink

CHECK: IMF says inflation, debt pushing Nigeria, others to the brink

IMF Managing Director, Kristalina Georgieva

Increasing inflation, debts and forex crisis are pushing Nigerian and other African economies to the brink, the International Monetary Fund has warned.

SaharaReporters earlier reported that IMF Managing Director, Kristalina Georgieva, had said the outlook for the global economy had “darkened significantly” since April.

She warned that a global recession next year could not be ruled out, given the elevated risks.

“It’s going to be a tough ’22, but maybe even a tougher 2023,” the IMF boss had warned.

However, Georgieva in a report released on Wednesday, said the ministers of finance and central bank governors on the African continent told her of the impending crisis.

She also said most countries on the continent could raise money from the global financial markets, especially those that do not have large domestic markets to turn to.

She said, “The particularly difficult condition in many African countries at this moment is important to consider. In my meeting with Ministers of Finance and Central Bank Governors from the continent this week, many highlighted how the effects of this, entirely exogenous, shock was pushing their economies to the brink.

“The effect of higher food prices is being felt acutely as food accounts for a higher share of income. Inflation, fiscal, debt and balance of payments pressures are all intensifying. Most are now completely shut out from global financial markets, and unlike other regions don’t have large domestic markets to turn to.


“Against this backdrop, they are calling on the international community to come up with bold measures to support their people. This is a call we need to heed.”



About admin

Check Also

2023 NASS: Abia constituents admonishes ex-federal lawmaker, Mao Ohuabunwa to quit Abia north Senatorial race for Senator Kalu

In total defiance of political party affiliations and tribal inclinations,  constituents from Arochukwu local government …

Tanzania’s president uncovers massive fraud at Director of Public Prosecutions office

The office of the Director of Public Prosecutions (DPP) in Tanzania has come under scrutiny …

South African woman comes out of abject poverty to own multiple businesses

Letty Ngobeni comes from a small village in South Africa’s Limpopo province. Like many other …

Leave a Reply

Your email address will not be published. Required fields are marked *

WP Twitter Auto Publish Powered By :