Paris Club gives 100% debt relief to Democratic Republic of Congo
19/03/201000:45
PARIS, March 19 (RIA Novosti) - Paris Club member states and Brazil have written off the entire $2.4 billion debt of the Democratic Republic of Congo to the countries in recognition of the DRC's anti-poverty efforts, the group has said.
Of the total debt, $981 million was canceled under the Highly Indebted Poor Countries (HIPC) initiative, while a further $1.4 billion relief was granted on a bilateral basis by club members and Brazil, the statement, issue on Thursday, said.
"Paris Club creditors and Brazil welcomed the Republic of Congo's determination to implement a comprehensive poverty reduction strategy and an ambitious economic program providing the basis for sustainable economic growth," the statement said.
It added that the government had committed to spending the funds freed up by the debt relief on priority areas such as health, education and basic infrastructure.
Thirteen of the club's 18 countries were involved in the deal, including Russia.
The club on Wednesday wiped out Afghanistan's $1.026 billion debt to the informal grouping of rich creditor nations.
The group called on other creditors to follow its lead and provide debt relief to both Afghanistan and the Democratic Republic of Congo.
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