Nigeria's bid for debt relief has cut little ice with the IMF and the World Bank ahead of their annual meetings this month, AFP reports diplomats and officials say. The new authorities under President Olusegun Obasanjo have led a noisy campaign for relief since taking power in May, but officials say the country is not in the running for debt cancellation.
People forget that debt cancellation affects credit worthiness.
It could be very important for Nigeria to be seen, in the African context, as one of the few credit-worthy countries. In an interview marking the first 100 days of his administration, Obasanjo said the new Nigerian government was working very closely with the Fund, which he believed would prepare a loan package to assist the new Nigerian government following the May 29 return to civilian rule.