NIGERIA: Critical IMF report further dents multilateral loan prospects

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The International Monetary Fund (IMF) last week published critical and unusually prescriptive assessments of the administration’s macroeconomic policies as part of the annual article IV consultation. Meanwhile, the cabinet raised the medium-term debt ceiling from 25% to 40% of GDP. In the immediate term, more than 80% of the projected 2021 budget deficit of NGN 5.2tn (USD 12.7bn) is supposed to be financed via domestic and external borrowing, with preference regarding the latter for “concessional funding from multilateral and bilateral sources.” Furthermore, a supplementary budget will b
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