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  • Is the emerging world in need of emergency funding?

  • Nigeria has asked the World Bank and the African Development Bank for $3.5 billion dollars to help plug a $15 billion dollar hole in its budget.

  • It's result of the damage being done to Nigeria and other oil exporters by the collapse in the price of crude,

  • from $115 a barel 18 months ago to about $35 dollars today.

  • Oil and gas supply about a third of Nigeria's GDP, and 90% of its exports revenues, so times are extremely tough.

  • But emergency funding from the World Bank and the ADB?

  • Isn't emergency funding the IMF's job?

  • Emergency funding typically comes from the International Monetary Fund, that's what the IMF is,

  • the world's lender of last resort.

  • Nigeria says there is no emergency, it's just borrowing wisely at below-market rates.

  • The IMF says it agrees, but it looks as though Nigeria is getting IMF style money without IMF style conditionality.

  • The lenders say they want to see progress on structural reforms,

  • but the conditions would be far less stringent than it would have been in an IMF program.

  • What about the markets?

  • The last time Nigeria went to international markets in July 2013, it paid about 6% a year to borrow a billion dollars.

  • If it went back today, it might have to pay more than 10%, a different proposition from the 3% or less,

  • it hopes to pay for its $3.5 billion.

  • It's the same for all the sub-Saharan countries who borrowed so cheaply in the boom years that are now over.

  • And of course it's not just African countries that are suffering on the cheap commodities.

  • Azerbaijan may be the next to ask for a emergency funding.

  • The World bank may not have enough to go around.

Is the emerging world in need of emergency funding?

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ナイジェリアが融資を求めた後、次は誰が?| 融資を受けようとしているナイジェリアの次は誰か|FTマーケッツ (After Nigeria seeks loans, who next? | FT Markets)

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    Kristi Yang に公開 2021 年 01 月 14 日
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