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 Economic restructuring and debt

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kosovohp
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Economic restructuring and debt Empty
PostSubject: Economic restructuring and debt   Economic restructuring and debt EmptyFri 03 Dec 2010, 06:26

In January 2000, Niger's newly elected government inherited serious financial and economic problems including a virtually empty treasury, past-due salaries (11 months of arrears) and scholarship payments, increased debt, reduced revenue performance, and lower public investment. In December 2000, Niger qualified for enhanced debt relief under the International Monetary Fund program for Highly Indebted Poor Countries and concluded an agreement with the Fund on a Poverty Reduction and Growth Facility (PRGF).[9]

In addition to changes in the budgetary process and public finances, the new government has pursued economic restructuring towards the IMF promoted privatization model. This has included the privatization of water distribution and telecommunications and the removal of price protections for petroleum products, allowing prices to be set by world market prices. Further privatizations of public enterprises are in the works.

In its effort comply with the IMF's Poverty Reduction and Growth Facility plan, the government also is taking actions to reduce corruption and, as the result of a participatory process encompassing civil society, has devised a Poverty Reduction Strategy Plan that focuses on improving health, primary education, rural infrastructure, and judicial restructuring.[9] A long planned privitisation of the Nigerien power company, NIGELEC, failed in 2001 and again in 2003 due to inaudibility to line up buyers. SONITEL, the nation's telephone operator, hived of the post office and privatised in 2001, was renationalised in 2009.

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