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Rising Debts Pose Risk To Nigeria, Other Emerging Economies — IMF by SamuelTurner(m): 9:16pm On Apr 18, 2018 |
Source https://www.premiumtimesng.com/business/business-news/265439-rising-debts-pose-risk-to-nigeria-other-emerging-economies-imf.html The International Monetary Fund (IMF) on Wednesday warned that rising public debts in emerging economies may constitute direct risk to financial stability. The IMF Financial Counselor and Director of the Monetary and Capital Markets Department, Tobias Adrian, disclosed this during the Global Financial Stability report presentation at the ongoing IMF/World Bank Spring meetings in Washington. According to him, short-term risks to financial stability had increased, and medium term risks remained high, while vulnerabilities in global markets might make the road ahead bumpy and put growth at risk. “Rising foreign debts remain a big risk to financial stability. The debts that are accumulated quickly are deteriorating and could pose financial stability crisis in the future in emerging markets,” he said. Mr Adrian said also that the Fund had continued to track debt issuance programmes in emerging markets which Nigeria belonged to, and that bank-dollar liquidity mismatches also remained a concern. He explained that the international US-dollar balance sheets of non-US banks rely on short-term or wholesale sources for about 70 per cent of their funding. He explained that the practice could leave banks exposed to dollar funding problems in the event of strains in markets. “Our growth risk analysis which links financial conditions to the distribution of future global growth indicates that, under a severely adverse scenario, growth could be negative three years from now. “Stretched valuations across many asset classes, borrowing by emerging markets and low income countries and bank-dollar liquidity mismatches remain vulnerabilities,” he said. Mr Adrian also said issuance of riskier bonds had surged, while debt sustainability in emerging markets and low income countries deteriorated. |
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