Uganda to save $3M from debt relief plan

Uganda sees savings worth $3 million annually from the debt relief initiative of the African Development Bank. “The Multilateral Debt Relief Initiative (MDRI) is expected to give beneficiary countries an opportunity to reduce their debt service payments substantially, and through continued good performance, secure additional resource flows to help them attain the Millennium Development Goals,” said the bank, as quoted by New Vision. Early this month, the AfDB approved the initiative, which the G8 promised last year.

Source: Uganda to benefit from debt relief plan of AfDB (Xinhua)