$12.4 Billion Paris Club Debt Repayment
A $12.4 billion debt repayment by the Federal Government was on Saturday December 17 th signed as a bilateral agreement with 8 of the Paris Club’s 15 members to repay part of its long standing debts. Dr. Ngozi Okaji-Iweala, the Minister of Finance, signed the agreement with 8 European ambassadors of the countries concerned. $6.4 billion had already been moved from the foreign reserves into an escrow account for the purpose.
The 15 countries of the Paris Club are the United Kingdom, Finland, Italy, Switzerland, the United States, France, Germany, Japan, Austria, Belgium, Denmark, the Netherlands, Russia, Spain and Brazil. - 2007 |