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December 9, 2005
IMF Approves Debt Relief Plan
Say what you will about the IMF and World Bank's role in the steady decline of the world's poorest countries, but the approval of this debt relief package is a step in the right direction. The $4.8 billion U.S package will cancel the debts of 20 of the world's poorest countries accrued since the end of 2004. Some of the countries affected include Benin, Bolivia, Burkina Faso, Zambia, Uganda, Cambodia, Tajikistan, Ethiopia, Ghana, Madagascar, Honduras, Guyana, Senegal, Nicaragua, Rwanda, Niger and Mali.
Unfortunately, many political hurdles need to be cleared in order for this plan to take effect. All 43 participating countries need to approve the transfer of funds to a special trust for the debt relief. A daunting task, but let's hope this legal requirement doesn't throw a wrench in the IMF plan.
I've included a couple of links that discuss the plan from an African perspective. Both articles applaud the plan but warn that it will not be enough to turn around the continent. They call for serious reform to end the cycle of corruption that has hamstrung many African governments.
Posted by Jason at December 9, 2005 11:58 AM
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