1. Nigeria's Paris Club Debt Problem
- Publication Date:
- 08-2005
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- Intense domestic pressure has convinced Nigerian President Olusegun Obasanjo to seek a deal that would eliminate the country's $31 billion of debt owed to the governments of the U.K., France, and other aid-giving countries that use the Paris Club process to restructure debt that countries cannot repay. The Paris Club creditors have proposed an unprecedented operation—its first-ever buyback at a discount—that would cancel all of Nigeria's debt to them in exchange for a cash payment of roughly $12 billion.
- Topic:
- Conflict Resolution, International Relations, and Debt
- Political Geography:
- Africa, United Kingdom, Paris, France, and Nigeria