Zambia has announced that the United States has agreed to cancel debts owed by the country worth 280 million US dollar (1,7 milliarder DKR), BBC Online reports.
Zambias Minister of Finance, Ngandu Magande, welcomed the decision, saying the debt relief granted in the last few days was a major boost to the economy.
It is the latest sign that promises made to Africa by the international community in 2005 are bearing fruit.
Coupled with similar decisions by Japan and France, the US move means Zambian debts have fallen by over 1 billion dollar (6,2 milliarder DKR).
Once all lenders write off their debts, Zambias external borrowings are expected to drop from around 7 billion dollar to a much more manageable level of 500 million dollar.
This comes after a year in which Zambias main export – copper – saw strong demand, particularly from the burgeoning Indian and Chinese economies.
So after years of managing decline, Mr Magande will be able to think about where to spend the extra revenue at his disposal, BBC adds.
