DeniAfrica

Reuters reports on Cameroons debt cancellation:

“Cameroon has made sufficient progress and taken the necessary steps to reach its completion under the Enhanced Heavily Indebted Poor Countries (HIPC) initiative,” the IMF and World Bank said in a joint statement.”To reach the completion point, Cameroon met a number of triggers involving macroeconomic stability, commitment to a poverty reduction strategy, investment in social services as well as progress in privatization and reform of the forestry and transport sectors,” they said, adding that the country also took steps to tackle corruption and improve transparency. In addition, Cameroon’s graduation from the HIPC initiative also makes it eligible for a further $1.13 billion debt write-off from the three lenders under the more recent and separate Multilateral Debt Relief Initiative (MDRI), agreed by the Group of Eight major industrialized countries in June 2005.”