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RWANDA: IMF SCRAPS US$76M IN DEBT December 24, 2005
Apunyu Bonny
(SomaliNet) The International Monetary Fund (IMF) on Wednesday announced a ‘Christmas package’ to Rwanda by scrapping a debt of US$76 million the country owes the international financial lender.
This move is part of the Bretton Woods institution’s gesture during the fund’s recent Executive Board’s decision to cancel an aggregate of about US $ 3.3 billion (approximately Frw1.8 trillion) it is owed by 19 countries, thirteen of them in Africa.
IMF Managing Director, Rodrigo de Rato, said in a statement on December 21 that bringing the Multilateral Debt Relief Initiative to this stage since it was proposed in June 2005 has taken an extensive effort.
“I am proud of what the IMF has achieved in delivering debt relief in just six months,†Rodrigo, said