THE Inter-American Development Bank (IDB) yesterday made the long-awaited announcement that its Board of Governors has approved a 100% debt write-off for Guyana on the US$467M loan balances outstanding as of December 31, 2004, from its Fund for Special Operations (FSO).
Guyana, along with Bolivia, Haiti, Honduras and Nicaragua, benefited from the historic 100% debt write-off by the IDB, which totalled some US$4.4 billion, the bank announced yesterday.
Under an agreement endorsed by governors of its 47 member countries, the IDB will forgive about US$3.4 billion in principal payments and US$1 billion of future interest payments owed by the five countries, and which totalled about US$4.4 billion.
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