IMF approves $4.8bn debt relief Niger is one of the nations that stands to benefit from debt relief The International Monetary Fund has approved a $4.8bn (£2.8bn) plan to cancel the debts of 20 of the world's poorest countries. It is part of the multilateral debt relief initiative agreed by leaders of the G8 industrialised states last July. With the World Bank and IMF they set a target of writing off $55bn of debts from the world's poorest nations. Around 70% of the debt is owed to the World Bank, while the rest is owed to the IMF and African Development Bank. The World Bank is expected to announce a $38bn debt relief package next week. Reduce corruption Among the countries benefiting are Benin, Bolivia, Burkina Faso, Cambodia, Ethiopia, Ghana, Guyana, Mali, Nicaragua, Niger, Rwanda and Tanzania. Most of them have qualified for the IMF debt relief by undertaking economic reforms and taking steps to reduce corruption. The aim of the debt relief initiative is to free poor nations from debt repayments and enable them to spend more money on improving living conditions and reducing poverty. It is seen as a crucial step towards meeting the United Nations' millennium development goals of halving the number of people living in extreme poverty by 2015. E-mail this to a friend Printable version LINKS TO MORE BUSINESS STORIES SelectProbe into Japan share sale errorGlobal corruption 'on the rise'LSE rejects 'derisory' takeoverRush for gold as price hits $530Russian-German gas link launchedFrench output has surprise tumbleZimbabwean inflation passes 500% [input] LATEST NEWS Government defends aid boost African head defends agreement G8 leaders agree $50bn aid boost $3bn pledged to Palestinians Summit police made 350 arrests FEATURES & ANALYSIS Was the G8 a success? World leaders have a deal, but does it deliver? Press struggles to focus on G8 London bombs make G8 impact G8 climate deal plays on words The G8 deal: What they said Marchers provide hope for Africa Inside the eco-camp G8 summit diary: 8 July BACKGROUND Profile: What is the G8? Guide: Africa's aid, trade & debt Day-by-day guide to events G8 COMMUNIQUES G8 communiques in full (PDF) HAVE YOUR SAY G8 summit: Your views UK interactive panel VIDEO AND AUDIO Reports and analysis MORE ON THE ISSUES In depth: London attacks In depth: Africa 2005 In depth: Planet Under Pressure SEE ALSO: Debt deal hailed but details beckon 26 Sep 05 | Business World Bank and IMF back debt deal 26 Sep 05 | Business Lenders edge closer to debt relief deal 22 Sep 05 | Business World Bank hopes on debt relief 22 Sep 05 | Business G8 debt deal under threat at IMF 15 Jul 05 | Business Africans on Africa: Debt 07 Jul 05 | Africa RELATED INTERNET LINKS: World Bank IMF The BBC is not responsible for the content of external internet sites TOP BUSINESS STORIES NOW Probe into Japan share sale error Global corruption 'on the rise' LSE rejects 'derisory' takeover Rush for gold as price hits $530 getRssUrlStory('/rss/newsonline_world_edition/business/rss.xml') | What is RSS? News Alerts E-mail services Mobiles/PDAs BBC Copyright Notice Back to top Help Privacy and Cookies Policy News sources About the BBC Contact us -1?'https:':'http:'; var _rsRP=escape(document.referrer); var _rsND=_rsLP+'//secure-uk.imrworldwide.com/'; if (parseInt(navigator.appVersion)>=4) { var _rsRD=(new Date()).getTime(); var _rsSE=1; var _rsSV=""; var _rsSM=1.0; _rsCL=''; } else { _rsCL=''; } document.write(_rsCL); //--> --------------------------------- Yahoo! Shopping Find Great Deals on Holiday Gifts at Yahoo! Shopping ¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤ To unsubscribe/subscribe or view archives of postings, go to the Gambia-L Web interface at: http://maelstrom.stjohns.edu/archives/gambia-l.html To Search in the Gambia-L archives, go to: http://maelstrom.stjohns.edu/CGI/wa.exe?S1=gambia-l To contact the List Management, please send an e-mail to: [log in to unmask] ¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤¤