By Johnbosco Agbakwuru
CALABAR?Director General of Debt Management Office, DMO, Abuja, Dr. Abraham Nwankwo, has said? the debt ratio of most developed countries as China, India, Britain and Germany,? with the highest reserved fund, was five times higher than that of Nigeria.
Dr. Nwakwo stated this in Calabar at a stakeholder?s forum organized by Cross River State Debt Management Department.
He said: ?Countries borrow to finance certain project. That includes China, India and Germany which have the highest reserve from the World Bank.?
He said countries borrow, not just to finance projects, but because of certain benefits that accrue to the people in the building of strong institutions.
He said no serious country in the world could do without borrowing from the World Bank and other financial institutions.
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