Uganda: Billions saved in debt releif

Uganda will save about $2.7 billion over the next 40 years by not having to service the loans it owed International Development Association (IDA) as of December 31, 2003. The country recently qualified for 100 per cent external debt relief under the Multilateral Debt Relief Initiative (MDRI). The initiative, supported by the World Bank, cancelled Uganda's debt along with that of 16 other poor countries around the world. In total, IDA is expected to provide more than $37 billion in debt relief for the 17 countries over 40 years.