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Tuesday, June 14, 2005
Guyana's debt to multilateral financial institutions was written when the Group of Eight or G8 rich nations sealed a deal in London.
The landmark deal, wipes out more than $US40 billion in impoverished nations' debt and is part of a drive to free Africa from hunger and disease. It benefits 17 other mainly African countries like Benin, Bolivia, Ethiopia, Ghana, and Rwanda. According to UK officials, a further nine countries could benefit from the total debt relief in 12 to 18 months.
The debt written off is owed by these nations to multilateral institutions like the World Bank, the International Monetary Fund and the African Development Fund. The cancellation is immediate. The nations benefiting have reached completion point under the initiative of the International Monetary Fund and the World Bank for Heavily Indebted Poor Countries (HIPC). The other nine to benefit from similar relief are set to reach completion point soon.
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