TITLE

G8 Agrees US$40bn Debt Relief Deal

PUB. DATE
August 2005
SOURCE
West & Central Africa Monitor;Aug2005, Vol. 6 Issue 8, p1
SOURCE TYPE
Country Report
DOC. TYPE
Country Report
ABSTRACT
The article reports that on June 11, 2005 the G8 countries agreed to cancel 100% of debts owed to multilateral institutions by 18 of the world's poorest countries, 14 of which are in Africa. The total debt owed by the 18 amounted to U.S.$40bn. Under the terms of the deal, struck in London, England, the G8 countries have agreed to take on 100% of the debts owed to the International Monetary Fund (IMF), the World Bank and the African Development Bank by the states, which have reached completion point in the IMF/World Bank Heavily Indebted Poor Countries (HIPC) programme.
ACCESSION #
17647385

 

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