How We Present the News
WORLD NEWS
Positive Trends
Success Stories
Flops
Agriculture
Business
Culture
Education
Government
Health
Science
World Peace
News by
Country
Maharishi in the World Today
Excellence in Action
Consciousness Based Education
Ideal Society
Index
Invincible World
Action for
Achievement
Announcements
WATCH LIVE
Maharishi® Channel
Maharishi TV
Maharishi Darshan Hindi Press Conferences
Maharishi's Press Conferences and Great Global Events
ULTIMATE GIFTS
Maharishi's
Programmes
Maharishi's
Courses
Maharishi's
Publications
Scintillating
Intelligence
Worldwide Links
Transcendental
Meditation
RESEARCH
Album of Events
Celebration
Calendars
Musicmall ♬
Search
|
Guinea to see $2.4 billion of its debt cancelled
by Doubacar Diallo
The Associated Press Translate This Article
26 September 2012
CONAKRY, Guinea (AP) - More than $2.4 billion of Guinea's foreign debt is being cancelled in a major boost for the deeply impoverished West African nation whose mineral riches were looted over decades of corrupt dictatorship, government officials said Wednesday.
Two-thirds of Guinea's total foreign debt is being eliminated because it has qualified for the IMF and World Bank program for heavily indebted poor countries, according to a government statement.
'This will allow Guinea to free up substantial resources,' said Ansoumane Camara, an economist and consultant in Conakry who said the money could be redirected toward improving health and educational programs.
Guinea's finances were left in ruins after nearly a quarter-century of rule by Lansana Conte, who pillaged state coffers to make his family fabulously wealthy before his death in 2008, according to economists.
In 2010, the country held its first democratic election but the political reforms have not translated into immediate improvements for the lives of most Guineans, who remain deeply impoverished. About 75 percent of the country's 10 million people live below the poverty line, according to the United Nations.
Fatou Bonte Bangoura, who sells smoked fish at a port in Guinea's capital, said Wednesday's announcement would mean little for Guineans who are struggling to support their families.
'Our children need to eat, they need to be taken care of, they need to go to school,' she lamented. Guinea's debt elimination won't result in individual families receiving money. 'It doesn't feed me,' she says.
Copyright © 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Every day Global Good News documents the rise of a better quality of life dawning in the world from good news reported by the press; and highlights the need for introducing Natural Law based-Total Knowledge based-programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.
Translation software is not perfect; however if you would like to try it, you can translate this page using:
Send Good News to Global Good News.
Your comments.
|
|