Russia will cancel $2.2 bln debt to African states

By Evelyn Leopold
1 hour, 56 minutes ago

Russia will cancel $2.2 bln debt to African states

"UNITED NATIONS (Reuters) - Russia promised the U.N. General Assembly it would make good on its pledge to forgive $2.2 billion in debt for African nations as part of an agreement by major industrial nations to cancel more than $40 billion in debts to the world's poorest countries.

Moscow's U.N. ambassador, Andrei Denisov told a session of finance, foreign and development ministers on Tuesday that Russia "underlines our general support" to the Group of Eight industrial nations, whose finance ministers decided in London to cancel the debt of 18 countries.

"Thus, this year Russia intends to announce the cancellation of $2.2 billion for the poorest African states on a bilateral basis," he said. "In absolute terms, Russia is among the leaders in the cancellation of debt to the poorest countries."

Denisov spoke during a two-day ministerial General Assembly session, which ended on Tuesday, on financing for development. It touched on aid, trade and debt relief before a U.N. world summit in September. One aim of the summit is to reduce poverty and disease among the poorest countries
-- Snip -- "