Posted by AP on
The Paris Club canceled about 60 percent -- an estimated $18 billion -- of Nigeria's debt to its creditor nations, the group of creditors announced Thursday.
PARIS (AP) - The Paris Club canceled about 60 percent -- an estimated $18 billion -- of Nigeria's debt to its creditor nations, the group of creditors announced Thursday.
The Paris Club began meeting Tuesday on Nigeria's case, agreeing to a "comprehensive treatment of its debt," a statement from the group said.
Paris Club creditors "welcomed the ambitious economic program implemented by the Nigerian authorities since 2003 and their desire to secure an exit treatment from the Paris Club," the statement said.
The Paris Club is an informal group of creditor governments from major industrialized countries. It meets regularly with debtor countries to study restructuring of debt.
More than three-quarters of Nigeria's debt is owed to the Paris Club of creditor nations. Unlike many developing countries, it owes only a small fraction of its debt to the World Bank and the International Monetary Fund because past military rulers had cut virtually all ties with the organizations.
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