African Nations Gets Taxpayers Assistance, then Kicks the West in Teeth
Ethiopia gets US$ 1 billion debt relief
afrol News, 18 October - Ethiopia's main creditor countries have decided to cancel another US$ 758 million of outstanding debts. In total, Ethiopia thus will see its debt to these countries reduced by almost US$ 1 billion, to US$ 153 million. A "rigorous economic programme" further was to secure long-term growth in Ethiopia, the creditors hold.
Representatives of the so-called "Paris Club creditor countries" had met in Paris on 13 October to discuss Ethiopia's debt burden, according to a statement released by the "Paris Club". The "Club", which was formed in 1956, is an informal group of creditor governments from major industrialised countries, including the US, European countries, Russia and Japan.
According to the Paris Club statement, the representatives of creditor countries had "signed the recommendation to their governments" for cancellation of Ethiopia's external debt, after the country in April had reached its completion point under the enhanced Debt Initiative for the Heavily Indebted Poor Countries (HIPC), following an economic reform programme prescribed by the International Monetary Fun (IMF).
In order to contribute to restore Ethiopia's debt sustainability, they decided to cancel US$ 758 million in net present value terms of July 2003, which represent the Paris Club's share of the HIPC initiative.
Most creditors also committed on a bilateral basis to grant additional debt relief to Ethiopia, "so that the stock of the debt owed to Paris Club creditors will be reduced by a further US$ 176 million in net present value terms of July 2003," according to the statement by the creditors. In total, Ethiopia's debt to Paris Club creditors has been reduced from US$ 1087 million to US$ 153 million in net present value terms of July 2003 as a result of this agreement and additional bilateral assistance.
The Paris Club creditors in the statement further welcomed "Ethiopia's determination to implement a broad-based and rigorous economic programme, which should provide the basis for sustainable economic growth and comprehensive poverty reduction." The programme had earlier been prescribed by the IMF and focuses of economic growth through privatisation.
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