G8 debt relief initiative a major step against African poverty – UN

“These countries have been facing the challenge of a huge, unsustainable debt service payment,” said Under-Secretary-General Anwarul Chowdhury, who is the UN High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States. “Consequently, their economic growth and development has been stunted.” Mr. Chowdhury said in a statement released at UN Headquarters in New York Monday. While welcoming the agreement, Mr. Chowdhury said that he hoped the G-8 initiative would be accomplished fully in a short time frame. “Only 100% debt cancellation would free the resources needed in LDCs (landlocked developing countries) for investment in health, education and for fulfilling the basic needs of the population,” he said.

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