Burundi’s Debt Canceled
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On January 29, Burundi reached its debt-canceling “completion point”! This is the final stage of the Highly Indebted Poor Country Initiative (HIPC) which seeks to cancel highly indebted countries’ loans. After a long process, Burundi, a small country in Eastern Africa will now receive irrevocable cancellation of a little less than $ 1 billion in debt. This is composed of $833 million under HIPC and $105 million under the Multilateral Debt initiative (MDRI). MDRI is only accessible to countries that have reached the HIPC-completion point and it complements HIPC, which is basically focused on bilateral debt.
Burundi has improved the quality of its fiscal and debt management. The funds that no longer need to be paid to international financial institutions can now go towards economic and social recovery of the country, which is needed to stabilize its post-conflict society.
-Andreas Huebers
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February 12, 2009 at 4:32 pm
This is such EXCELLENT news, Andreas – thanks for sharing it! At a time in our movement to end AIDS & extreme poverty and in the current economic crsis, it’s so uplifting to know that countries, such as Burundi, continue to make progress.
This sort of progress happens largely out of the sight of the world’s power-brokers and the media moguls who only focus on the sensational & whatever promotes their agendas. But every day, in little ways, the poor of the world continue their fight for life and their fight for their rights…..with or without our attention to them.
Let’s all CELEBRATE victories like Burundi’s and then ACCELERATE our efforts to see more of these victories in the near future!
ALWAYS ONE in the Spirit, debbie
http://www.myspace.com/mulago
December 21, 2009 at 10:16 am
nice posting….i like it…it is really helpful to all…
Bathmate