African states hail IMF, World Bank debt cancellation move

African states standing to benefit from new anti-poverty measures applauded weekend decisions by the

World Bank and International Monetary Fund to write off billions they owe in multilateral debt. Officials in many of the 14 African countries that will see their debt erased said the move — endorsed by the Group of Eight industrialized nations earlier this year — would free up precious resources for services and development projects. Full Story

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