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Wednesday, March 29, 2006
Guyana Is Lone Non-African Country To Get World Bank Debt Relief
Hardbeatnews, WASHINGTON, D.C., Weds. Mar. 29, 2006: Guyana yesterday became the lone country outside of Africa to be approved for a long-awaited debt relief package by World Bank member nations.

The US$37 billion debt relief package for 17 impoverished countries over 40 years brings to an end months of tough negotiations. The debt cancellation will begin on July 1, 2006, at the start of the Bank’s new fiscal year, officials said yesterday.

Paul Wolfowitz, president of the World Bank, welcomed the move, stating, “This is a historic agreement combining increased financing with debt relief, which will help poor countries meet the Millennium Development Goals. I am particularly pleased that the Bank’s shareholders have agreed on a funding package that will help to preserve the International Development Association’s role as a cornerstone in development finance for the poor countries of the world.”

Other countries set to benefit are Benin, Bolivia, Burkina Faso, Senegal, Tanzania, Mozambique, Nicaragua, Niger, Mali, Rwanda, Ethiopia, Honduras, Ghana, Uganda, Zambia and Madagascar. The decision, however, still needs to be approved by the Bank's International Development Association.

At the July 2005 G8 Summit in Gleneagles, Scotland, G-8 leaders pledged to cancel the debt of the world’s most indebted countries, most of which are located in Africa.

Donors have agreed to a financing package that calls for additional donor contributions over time to ensure delivery of fresh resources for poverty reduction. – Hardbeatnews.com