Germany cancels more Guyana debt
The German Government intends to cancel all of Guyana's debt from commercial claims eligible for rescheduling. Guyana is one of 30 countries which would benefit with a remission of principal of up to 700 million Deutsche Marks in the next few years. A release from the German Embassy in Trinidad states "this is to benefit all countries that would be eligible for the Cologne Debt Initiative on the basis of analysis by the IMF and World Bank but would not be afforded 100% cancellation. "In response to a German initiative, the Cologne economic summit had already agreed on debt cancellation up to 90% and more in individual cases if needed to achieve debt sustainability. "The decision now taken by the German Government exceeds the conditions of the enlarged debt initiative agreed in June 1999 in Cologne. In conjunction with full cancellation of claims from financial cooperation agreed at that time, it will fulfil an essential requirement for the financial stabilization and economic development of the countries concerned."
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