UK writes off Guyana's debt
Kaieteur News
June 8, 2004
The United Kingdom (UK) has announced the cancellation of Guyana’s commercial debt of 34 million pounds sterling or G$12.1 billion.
The debt write-off is consistent with the Paris Club agreement of January 14, 2004 and the UK Debt Relief Policy, a Government Information Agency (GINA) release said yesterday.
The UK government, in a letter to Finance Minister Saisnarine Kowlessar, noted that no obligations remain outstanding under the existing UK/Guyana Debt Agreement and the government of the UK considers them terminated.
The debt relief is part of the UK’s commitment and support for countries that qualify for debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative.
Kowlessar said the UK government has been at the forefront of the international movement towards writing off the debts of countries under HIPC.
GINA said the money will be used to help Guyana improve social services and fight poverty, in line with goals of the Poverty Reduction Strategy Paper and the Millennium Development Goals.