But in its latest World Economic Outlook, the International Monetary Fund cut its global economic growth forecasts for 2018 and 2019, saying trade policy tensions and the imposition of import tariffs are taking a toll on commerce while emerging markets struggle with tighter financial conditions and capital outflows.
Eric LeCompte, a financial expert and executive director of Jubilee USA said: "We are seeing growing debt crises in many developing economies, at the same time, we see risky and speculative behaviour on the raise".
This is down from its July forecast of 3.9 percent growth for both years.
The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday.
Forbes has disagreed with the International Monetary Find (IMF) over Nigeria's economic growth in 2018 and projections for 2019.
Earlier, the Asian Development Bank (ADB) announced that it will provide $7.1 billion in financing to help Pakistan achieve inclusive and sustainable growth over the next three years.
Since the last stability report in April, global economic conditions have become less balanced, with a more pronounced divergence between advanced and emerging economies.
The worldwide organisation downgraded its predictions for global growth this week, and is now forecasting 3.7 percent global growth in both 2018 and 2019.
So let me try flesh out what the IMF might think but dares not say because it is the political captive of Washington, Beijing, and the defenders of Europe's monetary union.
Figures from the Central Bank of Nigeria website revealed that gross foreign reserves level dropped from $45.3 billion on September 10, 2018, to $43.6 billion on October 8.
According to the World Economic Outlook, in India, reform priorities include reviving bank credit and enhancing the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and improving the governance of public sector banks.
It added, "A high interest burden and risks from rising yields also require continued focus on debt reduction to establish policy credibility and build buffers". The most recent was in 2013, when Islamabad got a $6.6 billion loan to tackle a similar crisis.
"However, it is projected to rise to 5.1 percent in 2019", the report said.
As the United Kingdom and European Union gears up for a packed schedule of Brexit talks ahead of a pivotal summit on 17 October, the International Monetary Fund (IMF) warned that a disorderly departure from the bloc is one of the biggest risks for global financial stability.