The Aftermath of Public Borrowing by Julius Ojonugwa Akubo +2348069230929 Pauljulius90@gmail.com
Most underdeveloped and developing countries of the world depend on external sources like loans from the IMF, world bank and other financial institutions for the efficient financing of their budgets. This dependence accumulate to become what is known as debt.Debt is that part of a nations finance that was acquired from external sources based on stated agreements. The degree of dependency on foreign support however differs if it were to be measured across the various developing countries. That is to say some countries are more dependent on foreign support than others. This support comes in form of either grants or loans for running their domestic expenses such as infrastructural development, job creations and even for the payment of salaries amongst other reasons. Of cause the fact that so many countries for genuine reasons may need to rely on foreign support is not the quagmire in this work. The problem is rather a question as to what eventually becomes the effect of the debt on the e...