Paris Club to Cancel US$130m Guinean Debt

Paris Club, an informal group of financial officials from 19 of the world’s richest countries, is planning to cancel Guinea’s debt in the amount of $130 million, the Economy and Finance Minister, Dr. Ousmane Dore, said Saturday on national radio.

This debt cancellation would be on the agenda of the next Paris Club meeting scheduled for 22 January.

In addition to this cancellation, the Club will also consider rescheduling US$65 million within the framework of the Guinean debt.

“This is not a direct flow, but it cancels significant margins for the government so that the budget can be used for priority needs, particularly water, electricity, health and education sectors,” Dr. Ousmane Dore stressed.

Dore urged his colleagues to observe a budgetary discipline so that Guinea becomes an emerging country by 2010.

He acknowledged the weak mobilization of the Gross Domestic Product (GDP) of Guinea which to date stands only at about 13 percent.

Source African Press Agency

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