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Paris Club cancels $256 mln of G. Bissau's debt
Tuesday, 10 May 2011 21:47
(Reuters) - The Paris Club of creditors agreed on Tuesday to cancel $256 million owed by Guinea Bissau after the West
African nation made progress in tackling poverty and boosting growth, the group said.Its members also agreed to cancel a further $27 million owed on a bilateral basis. The creditor group estimated that Guinea Bissau owed its members $280 million at the end of last year.
The country fulfilled conditions last year to benefit from debt relief requiring the implementation of a poverty reduction strategy and laying the foundations for sustainable growth.
Guinea Bissau, wedged between Guinea and Senegal on West Africa's coast, is among the world's poorest countries and is struggling to contain a growing drugs trade.
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