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Home arrow Home arrow US writing off Ethiopias $30 million debt
US writing off Ethiopias $30 million debt
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Sunday, 02 February 2003
The U.S. has written off almost $30 million in debt for drought-stricken Ethiopia, which is strapped with a massive $6 billion debt burden. U.S. ambassador Aurelia Brazeal signed the deal which wipes out all the debt up to March 2004, including arrears and servicing. The money saved from the debt write-off is to be channeled towards the countrys newly launched Poverty Reduction Strategy. The deal comes after Nestle - the worlds largest coffee company - agreed to forgo nearly $6 million it said it was owed by Ethiopia. Meanwhile, Ethiopia has been awarded $27 million to fight tuberculosis from the Global Fund to Fight AIDS, TB and Malaria, whose main financial backer is computer billionaire Bill Gates.
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