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banner image: Africa: After The Promises

Debt

Many poor African countries have been burdened by debts owed to Western governments, which takes a big part of their export earnings and government budgets.

After years of wrangling, agreement was reached at Gleneagles on writing off most of the debts of some 38 'highly indebted poor countries', including those owed to the World Bank and IMF. But in order to qualify, countries must pass a series of economic hurdles, and so far only around half have qualified for full debt relief.


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