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Republic of Congo’s $9.81 mln debt cancelled by Paris Club
By African Bulletin on March 23, 2010
Financial donors meeting under the umbrella of the Paris Club and Brazil cancelled a chunk of debts owed by the Republic of Congo which is estimated at 981 million U. S. dollars, according to a statement sent to Xinhua on Saturday.The cancellation followed the attainment by the Central African country of the point for the initiative targeting very poor and highly indebted countries (PPTE).
“In order to contribute to the sustainability of the Republic of Congo’s debt, this agreement envisions the cancellation of a total amount of 981 million dollars due to the efforts of the Paris Club and Brazil under the reinforced PPTE initiative,” the statement said.
The Paris Club’s financial donors also expressed readiness for an additional cut of debts which stands at 1.4 billion dollars, bringing the total debt reduction to 2.4 billion dollars.
According to the agreement, the Paris Club and Brazil, while praising the determination of Congo, hoped for an ambitious program to be worked out by the country to encourage sustainable economic growth.
Congolese officials say they plan to use the resources gained from the debt cancellation to finance priority objectives under the strategy of poverty reduction in the fields of health, education and infrastructure.