In a recently published World Bank Fiscal Year 2022 audited financial statement, Nigeria has been ranked fourth among the top International Development Association (IDA) borrowers, amassing a debt of $14.3 billion. This ranking marks a notable change from the previous year when Nigeria held the fourth position with an IDA debt stock of $13 billion as of June 30, 2022.
Despite maintaining its fourth-place standing, Nigeria’s debt burden saw an increase of approximately $1.3 billion within a year, as reported by Politics Nigeria. The World Bank’s Fiscal Year 2023 audited financial statement reveals that Nigeria’s IDA debt stock stood at $14.3 billion as of June 30, 2023.
Overview of World Bank Borrowing Trends
Interestingly, Bangladesh has surged to the top of the rankings, becoming the largest IDA debtor, surpassing India, which now holds the second position with a debt of $17.9 billion. Pakistan has retained its third-place ranking from the previous fiscal year, with a deficit of $16.9 billion.
Africa’s largest IDA debtor remains Nigeria, as indicated in the World Bank’s 2022 audited statement. The top three Asian borrowers are currently Bangladesh, India, and Pakistan.
Furthermore, according to the World Bank’s 2023 Annual Report, Nigeria was among the top ten countries to receive new IDA loans in the same year. The bank allocated $1.55 billion to Nigeria during the fiscal year 2023, ranking the country as the ninth-highest beneficiary of these loans.
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