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Friday, 12th May 2023

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Home » Business » How Nigeria, others can escape global funding squeeze —IMF
Business

May 10, 2023


HOW NIGERIA, OTHERS CAN ESCAPE GLOBAL FUNDING SQUEEZE —IMF

By Emeka Anaeto, Business Editor

The International Monetary Fund, IMF, has outlined some major steps it expected
Nigeria and other sub-Sahara African countries should take to avoid an economic
meltdown that could come against the backdrop of what it calls “the Big Funding
Squeeze” happening across the world economy.



Speaking yesterday in Lagos at the IMF Regional Economic Outlook for Sub-Saharan
Africa Spring 2023, entitled “The Big Funding Squeeze.” Wenjie Chen, Deputy
Division Chief at IMF, said as a result of the prevailing funding squeeze
Nigeria and many frontier markets were virtually shut out of the Eurobonds
market since the spring of last year, and those with marginal access receive the
funds at a higher cost.

She added that the repayments of maturing bonds were also coming quickly this
year and for Nigeria, it was coming in June which would further limit the
ability to fund the highly needed infrastructure and social development.

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Consequently, she outlined fiscal, monetary and other macroeconomic policy
measures that should address the difficulties.
According to Chen, fiscal policies need to reduce debt vulnerability and adapt
to a tighter financing environment to address the current liquidity squeeze.



She also said monetary policies should begin to pay more attention to the
inflationary pressures adding that inflation has started stabilizing, it was
still too high undermining economic development.

Chen also noted that the country’s economy was facing elevated exchange rate
pressures, adding that the situation was likely to persist with high-interest
rates.

On both the exchange and interest rates pressures Chen said structural reforms
were necessary and more important than ever to build resilience and broaden
revenue.




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