{"id":301040,"date":"2023-12-15T06:36:04","date_gmt":"2023-12-15T05:36:04","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=301040"},"modified":"2023-12-15T06:36:04","modified_gmt":"2023-12-15T05:36:04","slug":"developing-countries-including-nigeria-spend-443bn-on-debt-servicing-world-bank-report","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2023\/12\/15\/developing-countries-including-nigeria-spend-443bn-on-debt-servicing-world-bank-report\/","title":{"rendered":"Developing Countries, Including Nigeria, Spend $443bn on Debt Servicing &#8211; World Bank Report"},"content":{"rendered":"<div class=\"react-scroll-to-bottom--css-guzrq-1n7m0yu\">\n<div class=\"flex flex-col pb-9 text-sm\">\n<div class=\"w-full text-token-text-primary sm:AIPRM__conversation__response\" data-testid=\"conversation-turn-228\">\n<div class=\"px-4 py-2 justify-center text-base md:gap-6 m-auto\">\n<div class=\"flex flex-1 text-base mx-auto gap-3 md:px-5 lg:px-1 xl:px-5 md:max-w-3xl lg:max-w-[40rem] xl:max-w-[48rem] group final-completion\">\n<div class=\"relative flex w-full flex-col lg:w-[calc(100%-115px)] agent-turn\">\n<div class=\"flex-col gap-1 md:gap-3\">\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 overflow-x-auto\" data-message-author-role=\"assistant\" data-message-id=\"717d7df2-d033-462e-bcf1-d2577195aa9e\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light\">\n<ul>\n<li><strong>Developing countries, including Nigeria, spent a substantial $443.5 billion in 2022 to service external and publicly-guaranteed debts, as per the World Bank&#8217;s International Debt Report<\/strong><\/li>\n<li><strong>The report reveals a concerning trend, indicating a potential 39 percent surge in debt-servicing costs for the 24 poorest countries in 2023-2024<\/strong><\/li>\n<\/ul>\n<hr \/>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mt-1 flex justify-start gap-3 empty:hidden\">\u00a0In 2022, Nigeria and other developing countries collectively allocated $443.5 billion to service various external and publicly guaranteed debts, as revealed in the World Bank&#8217;s latest International Debt Report.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The report highlighted that debt-servicing payments, encompassing both principal and interest, observed a five percent increase across all developing nations compared to the previous year.<\/p>\n<p>For the 75 countries eligible to borrow from the World Bank\u2019s International Development Association (IDA), which primarily supports the poorest nations, the debt-servicing costs amounted to $88.9 billion in 2022. Additionally, interest payments from these countries experienced a significant quadrupling, reaching an unprecedented high of $23.6 billion from 2012 to 2022.<\/p>\n<p>The report underscored a concerning trend, indicating that overall debt-servicing costs for the 24 poorest countries are anticipated to surge in 2023 and 2024, potentially escalating by up to 39 percent. This data signals potential challenges in managing and servicing debt obligations for these nations in the coming years.<\/p>\n<h3 class=\"jeg_post_title\">World Bank Recommends End to Subsidy, Suggests Petrol Price Increase to N750\/Litre<\/h3>\n<p><a href=\"https:\/\/www.withinnigeria.com\/news\/2023\/12\/14\/world-bank-recommends-end-to-subsidy-suggests-petrol-price-increase-to-n750-litre\/\">The World Bank<\/a> has advised the Nigerian federal government to cease\u00a0<a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/01\/25\/breaking-fuel-subsidy-will-last-another-18-months-fg\/\">subsidy payments<\/a>\u00a0and increase the price of petrol to N750 per litre, asserting that current fuel prices in the country are not cost-reflective. The World Bank\u2019s lead economist for Nigeria, Alex Sienaert, conveyed this recommendation during the Nigeria Development Update (NDU) presentation, December 2023 Edition.<\/p>\n<p>Sienaert stated that the prevailing petrol prices do not fully align with market conditions, hinting at the possible resurgence of the subsidy. He estimated that the cost-reflective pricing for retail Premium Motor Spirit (PMS) should be around N750 per litre, surpassing the current N650 per litre.<\/p>\n<p>The economist highlighted the importance of sustaining savings from the PMS subsidy reform on the fiscal front. The high cost of the gasoline subsidy, according to the NDU report, is adversely affecting Nigeria\u2019s fiscal position, leading to an increase in deficit monetization through CBN Ways and Means financing, contributing to inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Developing countries, including Nigeria, spent a substantial $443.5 billion in 2022 to service external and publicly-guaranteed debts, as per the World Bank&#8217;s International Debt Report The report reveals a concerning trend, indicating a potential 39 percent surge in debt-servicing costs for the 24 poorest countries in 2023-2024 \u00a0In 2022, Nigeria and other developing countries collectively [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":97854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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