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June 13, 2005
U. S. and African Debt Relief
A slightly more analytical report of what the African debt relief really means is available from the London Times here.
Though welcome the help is not as big as it would appear:
"...the amount which the affected countries will save in debt repayments which can now be used for food, education and health is a relatively small annual sum of about $1.5 billion. This is a fraction of the $50 billion a year needed to double annual aid flows, which Britain says is essential to bring relief to Africa.
The cost to Britain's taxpayers of the weekend deal is an average of $100 million (55 million Euros) a year over ten years: up to $960 million over the period to 2015. The US will pay up to $175 million a year. Germany's commitment in the first three years comes to about $50 million a year and France's some $33 million."
Posted by Chip Spear at June 13, 2005 3:34 PM