By Raliat Adenekan

The International Monetary Fund, IMF has expressed concern at the mounting global economic uncertainties and debt burden, charging  policymakers to act boldly to decrease debt, rebuild financial buffers and rebuild public trust, tax fairly and spend wisely with a long term plan.

In the latest Fiscal Monitor published on Wednesday in Washington, USA, the IMF warns that public debt levels will exceed 95% of GDP, and may reach 100% by the end of the decade.

In a chart indicating 175 countries, the Fund states that 59 nations including developed economies make up only a third of the figure, but account for 80% of global GDP. IMF Director, Fiscal Affairs, Victor Gaspar adds that fiscal policies must not inflict pain.

Our correspondent, Raliat Adenekan reports that the Nigerian Division Chief in the Fiscal Affairs Department of the IMF, Davide Furceri, said that Nigeria had been able to make some of those painful choices to have space for fiscal savings but it needs to spend wisely.

Furceri said that the country need to focus on boosting revenue through improved mobilisation efforts, and secondly, scaling up spending in key areas like social protection and investment

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