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US debt support conditioned on economic reforms

    ABIDJAN

    US Treasury Secretary Lawrence Summers promised to support international debt relief for Nigeria which owes some US $30 billion if Abuja makes “significant progress” in economic and financial reform, the BBC reported.

    Summer made his promise on Monday at the start of an African tour to promote free-market reforms.

    In Nigeria’s case reforms proposed include the increased privatisation of state-owned firms and the removal of government subsidies, which led Nigeria to raise oil prices last week, sparking a crippling nationwide strike.

    The government’s action was aimed at securing a US $1-billion loan from the International Monetary Fund.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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