Penultimate week, we had discussed the above issue which generated a lot of debate going by the number of mails I received from readers. While the debate continues, I will like to use this medium to deepen the discussion and publish some of the interesting feedbacks I received.
Let me quickly go to this misleading commentary about my using the article to declare my support for more borrowing from China. That is far from what the write up was about. Readers would recall that I had consistently opposed plunging the country into unsustainable debts. I had argued that the reliance on debt to GDP ratio to justify more debt is, at best, misleading. At about 20% debt to GDP ratio, there is every tendency to rationalize more national debt given that our ratio appears lower than the average threshold of 42% for developing countries and the 56% benchmark for developed countries as contained in the IMF/World Bank Debt Sustainability Framework”. In my last thesis on debt, titled…
