GNA USA, Saudi Arabia, Kuwait, Russia refuse to « welcome » Climate report GNA Ghana’s COP24 delegates engage in negotiations on adaption and mitigation GNA Earth tremor confirmed in parts of Accra MAP Affaire d’enlèvement d’une humanitaire italienne au Kenya: Un officier de la police judiciaire et un haut responsable du KWS parmi les suspects MAP Nigeria: deux soldats tués dans l’attaque d’une base militaire dans le nord du pays MAP Sénégal : le Programme triennal d’investissements mobilise près de 10 milliards euros ACP Le professeur Mwilanya présente les salutations du Chef de l’Etat à la population du Sud-Kivu ACP Le ministre de la Communication et des médias appelle la population de Lodja au patriotisme ACP Début de déploiement des observateurs électoraux de la SADC en RDC GNA 61 year old American wins Women’s 5K Run

Foreign Debts: Avoid economic slavery, don warns low income countries

  4 Décembre      108        Economie (21435), Finance (3669),


Abuja, Dec. 4, 2018 (NAN) A Don, Dr Boniface Igbeneghu, has warned low income countries to avoid economic slavery by curbing their penchant for borrowing and incurring foreign debts.
Igbeneghu, who is the Deputy Director, Confucius Institute University of Lagos, South west Nigeria made the remarks in an interview with the News Agency of Nigeria (NAN) in Lagos on Tuesday.
The don urged the low income countries to intensify their quest for alternative revenue in order not to borrow and incur debts.
« Low income nation’s such as Nigeria and other developing countries must intensify their diversification drive to enable them meet their obligations.
« Diversification gives them the opportunity to have other sources of income rather than depend on one source of earning, » he said.
Igbeneghu stressed the need for the third world countries to entrenched good governance at all levels of government so as to reduce waste and manage borrowing in the economy.
« Good governance is the panacea and must become a national way of life, if funds will be judiciously utilised in the economy.
« Having such system in place will ensure the institution does work and deal with rising debts, » the don said.
Igbeneghu said the emerging and the developing countries must ensure that they industrialise in order to attain economic independence.
NAN reports that the International Monetary Fund (IMF) has put the global debt at 180 trillion dollars, warning highly indebted emerging-markets and low-income countries against what it termed pro-cyclical fiscal policies.
IMF Managing Director, Christine Lagarde, in a statement issued at the conclusion of the Group of 20 (G-20) Summit in Buenos Aires, called for collaborative action by G-20 leaders as global growth moderates and risks increased.
Lagarde emphasised that global growth remained strong, but that it was moderating and becoming more uneven.

Dans la même catégorie