AccessMyLibrary provides FREE access to over 30 million articles from top publications available through your library.
Create a link to this page
Copy and paste this link tag into your Web page or blog:
Govt to Pay $6.4bn in Debt Relief Deal with Paris Club.
(From Vanguard (Nigeria) - AAGM)
Byline: Emma Ujah
NIGERIA will commence the payment of $12.4 billion being the balance of the $30 billion owed the Paris Club, having been given a debt relief to the tune of $18 billion at the end of October. This is under a three-prong arrangement reached with the Paris Club of creditors in Paris yesterday. The last payment is to be made in March 2007 and will set Nigeria free from the clutches of the debt owed the Paris Club.
According to the terms of the agreement, Nigeria will, in the first tranche, clear the outstanding arrears by paying about $6.4 billion. The second tranche payment would be about $1.3 billion, while the last tranche would be the payment of the balance of about $4.4 billion.
These terms of payment schedule were reached after a tortuous negotiations lasting two days and two nights. The Federal Government and the Paris Club of creditors signed the $18 billion debt relief deal in Paris at about 5a.m. yesterday.
Minister of Finance, Dr. Ngozi Okonjo-Iweala, who led the Nigerian delegation signed on behalf of the Federal Government while Chairman of the club, Mr. Xavier Muscat of France led representatives of the 15-member club to sign on behalf of their respective countries.
According the agreement, the Nigerian government would pay the funds into a Special Deposit Account in the Bank for International Settlement, from where the account would be debited to the creditor nations on a pro rata basis.
- Govt Signs Final Bilateral Agreements for Paris Club Debt Relief.
- News wire article from: This Day (Nigeria) April 3, 2006 700+ words
...formalise the monumental debt relief package granted her by the Paris Club of creditors in...and all her other Paris Club creditor countries...deal and get final debt relief while expressing...representatives of the Paris Club creditor countries...
- Beyond $18bn Paris Club Debt Relief (3).
- News wire article from: Asia Africa Intelligence Wire November 2, 2005 700+ words
...formal request for debt relief . Dr. Okonjo...headquarters of the Paris Club, the IMF Team...billion from the Paris Club debt stock of about...did not discuss debt relief unless the particular...IMF). The Paris Club statement reads...
- Policy and Practice: FINANCE AND MARKETS: GHANA - Paris Club Debt Relief.
- News wire article from: Asia Africa Intelligence Wire July 16, 2004 700+ words
...Representatives of the Paris Club creditor countries met...to grant additional debt relief to Ghana so that the stock of the debt owed to Paris Club creditors will be reduced...Ghana's debt to Paris Club creditors has been reduced...
- Policy and Practices: FINANCE AND MARKETS: NIGER - Paris Club Debt Relief.
- News wire article from: Asia Africa Intelligence Wire May 16, 2004 700+ words
...This represents the Paris Club agreed share of the effort...Niger's debt towards Paris Club creditors will be further...result of additional debt relief granted by creditors...debt of Niger towards Paris Club Creditors will be canceled...
- Innovations in debt relief: the Paris Club. (includes related article)
- Magazine article from: Finance & Development Klein, Thomas March 1, 1992 700+ words
...clause under which the Paris Club agreed to consider further debt relief after the expiration...Agreed Minutes" of the Paris Club), made comparable debt relief arrangements with other...stages: successive Paris Club agreements dealing...
- Nigeria: Obasanjo urges Paris Club to tie debt relief to good governance.
- News wire article from: Asia Africa Intelligence Wire February 5, 2005 700+ words
...has urged creditor nations and members of the Paris Club that debt relief to African countries should be tied to specific...nations to use this as pre-condition for granting debt relief. [passage omitted on another presidential social...
- Paris Club Grants Nigeria $18bn Debt Relief.
- News wire article from: Asia Africa Intelligence Wire July 1, 2005 700+ words
...definitive solution to Paris Club creditors and Nigeria...The significant debt relief would ensure long...by Nigeria's Paris Club creditors to its...that we can expect debt relief of about 60 per cent on our current Paris Club debt. We expect...
- Australia welcomes Paris Club move on debt relief.
- News wire article from: Asia Africa Intelligence Wire January 13, 2005 700+ words
...scheduled debt repayments. The Paris Club has agreed that debt payments...pleased that members of the Paris Club have recognized that debt relief should not be used as a substitute...assistance already committed by Paris Club members. The Australian government...
- Shiokawa Wants Paris Club Accord on Debt Relief for Iraq.
- News wire article from: Asia Africa Intelligence Wire May 13, 2003 700+ words
...Shiokawa on Tuesday called for a basic accord on debt relief for Iraq at the Paris Club of major creditor nations. Japan will follow...s conclusion, he told a press conference. Debt relief for postwar Iraq will be a key agenda item at...
- Pressure groups punch holes on Paris Club debt relief for Nigeria.
- News wire article from: Asia Africa Intelligence Wire October 20, 2005 700+ words
...civil society groups have welcomed the Paris Club's move to write off a substantial portion...rich country-creditors grouped in the Paris Club officially announced Thursday an 18 billion...the debts as a key factor forcing the Paris Club to act. In a release Thursday, Jubilee...