The difference between borrowing from IMF and borrowing from China – Shehu Sani

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The difference between borrowing from IMF and borrowing from China - Shehu Sani

Shehu Sani, lawmaker representing Kaduna Central at the Senate, has described the difference between borrowing from the International Monetary Fund(IMF) and China.

This follows a warning from IMF to Nigeria and other developing countries to stop taking loans from China because of the conditions attached.

Tobias Adrian of IMF, while speaking during the launch of the Global Financial Stability Report for April, 2019 at the IMF/World Bank meetings in Washington D.C, U.S, gave the advice.

“Capital flows, which includes capital flows from China are of course important for development.
“On the other hand, what is very important in lending arrangements are the terms of the loans and we urge countries to make sure that when they borrow from abroad the terms are favourable.

“In particular, we recommend that loans to countries should conform with Paris Club arrangements and that is not always the case of loans from China,” he said.

In his reaction, the lawmaker wrote: When you borrow money from IMF,they will come and live in your house until you pay them;When you borrow money from China,they will turn you into a tenant in your house until you pay them.

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