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Subject:
From:
OMAR DRAMMEH <[log in to unmask]>
Reply To:
The Gambia and related-issues mailing list <[log in to unmask]>
Date:
Fri, 14 Sep 2007 14:08:25 +0200
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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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