Name: 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)
Uploaded: 2021-01-14T05:57:26.000Z
Duration: 1 min 50 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

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?

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

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.

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'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.