Sao Tome & Principe: 100% debt cancellation for island nation

The government of São Tomé and Príncipe is brimming with joy over the news that Paris Club has agreed to write off 100 percent of the country’s debts. This was agreed at a meeting of the representatives of the club’s creditor countries today after it was realised that Sao Tome and Principe has reached its completion point under the enhanced initiative for Heavily Indebted Poor Countries (HIPC) in March 2007.