Now Playing: Hard to Believe - Good News in the Z3 report
Topic: BIG MONEY PLAYERS
December 22, 2005 2:31 a.m. EST
London, England (AHN) - The International Monetary Fund (IMF) writes off the $3.3 billion owed by most of poorest countries in the world.
The multilateral debt relief initiative was agreed by leaders of the G8 industrialized states in July after the series of "Live 8" rock concerts drew attention to the issue, according to BBC News.
The debts owed by the 19 nations will finally be canceled once the IMF has the approval of all 43 rich countries that have contributed to an anti-poverty trust set up by the Fund.
"So far we have 37 consents. We're quite hopeful we'll get remaining the six in the next few weeks," says IMF spokesman Thomas Dawson.
Benin, Bolivia, Burkina Faso, Cambodia, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tajikistan, Tanzania, Uganda, and Zambia should receive IMF debt relief by early 2006.