HE INTERNATIONAL MONETARY FUND HAS WARNED NIGERIA TO EXPECT A SIGNIFICANT REDUCTION IN FOREIGN LOANS AS THE GLOBAL ECONOMY CONTINUES TO EXPERIENCE NEW SHOCKS AND CONTRACTIONS. WENJIE CHEN, THE IMF’S DEPUTY DIVISIONAL CHIEF, STATED THIS DURING A KEYNOTE PRESENTATION AT THE INTERNATIONAL MONETARY FUND REGIONAL ECONOMIC OUTLOOK HELD IN LAGOS ON TUESDAY. ACCORDING TO CHEN, BORROWING COSTS, HIGH INTEREST RATES, AND THE INCREASING VALUE OF THE DOLLAR, HAVE CONTINUED TO IMPACT NIGERIA’S AND ITS SUB-SAHARA AFRICAN COUNTERPARTS’ ECONOMIES. CHEN NOTED THAT DUE TO THE UNCERTAINTIES SURROUNDING THE GLOBAL ECONOMIC ENVIRONMENT, LOANS FROM CHINA AS WELL AS OTHER ADVANCED ECONOMIES TO AFRICA HAVE BEEN ON A DECLINE.
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