fatvegan

After several decades of desperate pleading, and attempts to point out that cancelling African debt is the only practical solution, the IMF cancels some of it. The Multilateral Debt Relief Initiative is what they call it, and despite their violent resistance to any debt cancellation until this year, the initiative is regarded as innovative.

Moving quickly to make a reality of what began in June 2005 as a Group of Eight proposal, the IMF�under its Multilateral Debt Relief Initiative (MDRI)�provided 100 percent debt relief, amounting to $3.3 billion, for 19 countries. The MDRI is one of a number of innovative IMF measures taken in recent months, including the Policy Support Instrument and the Exogenous Shocks Facility, to help low-income member countries spur growth and reduce poverty. IMF provides debt relief for 19 countries