Africa: ADB to write off debts

The African Development Bank has said it was writing off the debt of 13 African countries including Uganda, amounting to $8.54b. Benin, Burkina Faso, Ethiopia, Ghana, Madagascar, Mali, Mozambique, Niger, Rwanda, Senegal, Tanzania, Uganda and Zambia will all have their debt cancelled, the bank said in a statement. "This is a significant step forward in the initiatives by donor countries, both Group of Eight and others, on the issue of debt, which is to be applauded highly," according to the bank's president. The bank said the debt relief was intended to allow the 13 countries to channel resources into poverty relief, but also to stimulate economic growth and encourage governments to stay on track with reforms.