UK writes off 100% of Guyana’s debt
- worth $12.14 B
Guyana Chronicle
June 8, 2004
THE United Kingdom (UK) has announced the writing off of 100 percent of the commercial debt owed by Guyana to that country. The sum amounts to $12.14 billion or 34,024,792.84 pounds sterling.
The debt write off is consistent with the Paris Club Agreement on January 14, 2004 and the UK Debt Relief Policy.
The UK, in a letter to Minister of Finance Saisnarine Kowlessar through the British High Commission here, noted that no obligations remain outstanding under the existing UK/Guyana Debt Agreement and the Government of UK considers them terminated.
The move by Britain is part of the UK’s commitment and support for countries that qualify for debt relief under the Heavily Indebted Poor Countries Initiatives (HIPC).
Minister Kowlessar said the UK Government has been at the forefront of the international movement towards writing off the debts of countries under HIPC.
The money will be used to help Guyana improve social services and fight poverty, in line with the goals of the country's Poverty Reduction Strategy Paper and the Millennium Development Goals. (GINA)