January 1, 2006

THANKS, BONO:

US boosts Zambia with debt relief (Martin Plaut, 1/01/06, BBC)

Zambia has announced the United States has agreed to cancel debts owed by the country worth $280 million (£163m).

Zambia's Minister of Finance, Ngandu Magande, welcomed the decision, saying the debt relief granted in the last few days was a major boost to the economy.

It is the latest sign that promises made to Africa by the international community in 2005 are bearing fruit.

Coupled with similar decisions by Japan and France, the US move means Zambian debts have fallen by over $1 billion.

Posted by Orrin Judd at January 1, 2006 9:22 AM
Comments

It's not like that's a lot of money...

Posted by: RC at January 1, 2006 1:17 PM

RC:

And if it buys a good example, it will be money very well spent.

Posted by: Mike Earl at January 1, 2006 9:53 PM
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