By Emeka Anaeto, Emma Ujah and Peter Egwuatu in Washington DC
Eurodad, a European network on debt and development, has warned of an imminent global debt crises.
Nigeria’s Debt Management Office, DMO, last week announced that the country’s public debt rose year-on-year by 12.25 percent to N24.4 trillion at end of 2018.
Reacting to the new IMF World Economic Outlook, released at the on-going IMF/World Bank Spring Meetings in Washington DC, USA, yesterday, the body said that many poor countries were already in debt trouble.
Eurodad Head of Policy, Mr. Bodo Ellmers, said, “Many poor countries have already been struck by debt crises. Progress on Sustainable Development Goals could be derailed or even reversed. Poverty and inequality could rise, if no counter measures are taken.
“High debt levels became a key constraint for spending on infrastructure projects and public goods in poor countries. Every Euro that goes to creditors is a Euro that does not go to poverty eradication and sustainable development.
“Governments meet for IMF Spring Meetings in Washington this week. Next week, they convene at the UN Financing for Development Forum in New York.