Market reforms in developing countries including Nigeria can stabilise debt and increase economic growth, according to a new report by the International
According to the international organisation, improved market functioning not only lowers the debt ratio through the denominator effect, but also strengthens fiscal outcomes and helps reduce new borrowing.
Authors of the report said gains from reforms materialise through higher tax revenues and narrower sovereign debt spreads. They added that debt reduction associated with reforms is larger when governments are better at collecting taxes, have higher initial debt, and implement reforms during an economic expansion.
IMF said historically, developing countries have used some of the fiscal gains from reforms to fund other policy initiatives.
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