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Gambia News: Norwegian Government cancels part of The Gambia’s debt
The Norwegian Government agreed today to cancel NOK 2.5 million of The Gambia’s debt to Norway.
The agreement is based on a multilateral framework agreement concluded in the Paris Club, a forum for creditor countries, in June this year. The debt treatment for The Gambia in the Paris Club is part of the international initiative to reduce the debts of the poorest and most debt-stricken countries (the Heavily Indebted Poor Countries, or HIPC, initiative).
In accordance with the Norwegian Debt Relief Strategy, the debt was cancelled without taking any funds from the development budget. The cancellation does not therefore affect the development assistance provided to other poor countries.
The Gambia’s remaining NOK 7 million of debt to Norway will be cancelled when the country reaches the completion point defined under the HIPC initiative.
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- I don't know how much is NOK 2.5 millions, it doesn't seem like it is a lot of money to a rich country like norway. The western world owe Africa a lot more than NOK 2.5 millions- but every little bit of help is a plus to Gambia
P.S. I,m a west african living in the U.S.--- Tijan I love reading your articles-- update your email address.- I'm a big fan of Gambianews.
(Posted on April 5, 2008, 11:19 PM abigail)
- NOK 2,5 millions? That is nothing to Norway! Is that the right amount, or is there a mistake in the text? 2,5 millions is about six years' income for an average Norwegian family. I am ashamed to be a Norwegian if our government really makes a point and brags about giving away NOK 2,5 millions!
(Posted on December 21, 2007, 9:08 PM Ragnhild)
- this is good for Gambia. I hope more nations clear our debts.
fatou
(Posted on September 15, 2007, 2:14 PM fatou ceesay)
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