The World Bank has implored Nigeria and other developing countries to embrace debt transparency, noting that it is a crucial step in countries’ development process.
The World Bank also predicted that developing countries will need external financing worth $429bn between 2023 and 2025.
This was stated in its report titled “Transparency in Developing Economies,” on Wednesday which marked the first comprehensive assessment of the global and national systems for monitoring sovereign debt.
The countries include Kenya,Honduras, Rwanda, Kosovo, The Gambia, Chad, Nepal, Nigeria, Bhutan, Maldives, South Africa, Vietnam, Jamaica, Indonesia, Peru, Lao PDR among others, the report added.
It said, “To meet the Sustainable Development Goals by 2030, low income developing countries will need to invest at least 4.5 per cent of national GDP each year on infrastructure alone.
“With a growing current account and budget deficits following the global economic slowdown, initial WB estimates indicate that external financing needs in LIDCs will reach $429bn between 2023 and 2025. Most of these financing needs will have to be met through new borrowing. To ensure that this financing contributes effectively to development outcomes and does not undermine long-term debt sustainability, debt transparency must be improved”.
