The African Development Bank has decided to forgive $644 million of Tanzania’s debt. In addition, the bank will provide $73.35 million in grant to boost the country’s poverty reduction program. “Tanzania has registered impressive macro-economic development and has exhibited good accountability of public finance,” AfDB president Donald Kaberuka said after signing the accord alongside Tanzanian finance minister Zakia Meghji in Dar es Salaam. The debt write-off resolution will take effect in January 2007.
Source: Tanzania’s $644m debt cancelled (AFP)