ADDIS ABABA, Ethiopia - Taking the first step towards fulfilling its commitment at the G8 summit in Gleneagles, Scotland as a part of the 19 members of the Paris Club, Belgium today signed an agreement to cancel €14.62 million of debt owed to it by the east African country of Ethiopia.
The agreement was inked yesterday at the Ethiopian Ministry of Finance and Economic Development. Girma Birru, the finance minister signed on behalf of Ethiopia, while Belgian ambassador to Ethiopia, Frederic Renard represented his country.
Speaking on the occasion, Sufian Ahmed, the Minister of Finance and Economic Development said that the money that is saved as a result of the cancellation would be used towards funding the poverty reduction programme.
"Though most of the money for developmental projects in Ethiopia is generated from local taxpayers, similar debt cancellations are also important to assist in poverty reduction programmes in Ethiopia," he said. "This debt cancellation shows the international community's readiness to help the Ethiopian people irrespective of the move of the Ethiopian diaspora."
Mr. Renard asserted that his country was fulfilling its obligations to the Paris Club of creditor nations and added that Belgium was prepared to offer assistance to Ethiopia in the field of education, food security, environmental protection and academic research. He also said that Ethiopia was doing its best to fight the rampant corruption and Belgium was happy to have the country as its partner.
Posted
on : Sun, 11 Dec 2005 12:05 GMT | Debt News
By : Paula Jenkins
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