Beware of Chinese Loans, IMF Warns Nigeria, Others
The International Monetary Fund (IMF) Wednesday warned Nigeria and other African countries to beware of loans from China.
The IMF particularly advised that Nigeria and others should ensure that loans from China are borrowed on terms strictly according to the conditions of the Parish Club arrangements.
The world finance body advised that Nigeria should instead apply tax reforms to boost non-oil revenue.
This was contained in its latest edition of ‘Fiscal Monitor report’.
The report had ranked Nigeria as the worst country in terms of utilization of Sovereign Wealth Funds (SWF).
The report was also presented during the current IMF/World Bank Spring Meeting in Washington DC by the Financial Counsellor and Director, Monetary and Capital Markets Department, IMF, Mr. Tobias Adrian.
The report said the financial transactions involving China and African counties do not align with that of the Paris Club arrangements.
The report advised that Nigeria and other African countries should ensure that the conditions for their loans are vary favourable.
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