Italian sources: Italy cancels debts on 41 poor countries
Regional, Economics, 9/16/2000

In moving toward easing the suffering of the very poor countries and developing ones from the burden of external debts, the Italian parliament ratified during the last days a law that exempts the poor countries from their debt to Italy which equal 7 billion dollars that are due to government and to the export loans agencies.

It is also expected that these countries are to be exempted from the development aids debts of nearly 2 billion dollars that might be increased to 6 billion dollars.

Sources of the Italian embassy in Cairo said that nearly 41 countries most of which are in Africa will benefit from this law and that the individual per capita yearly income in these countries is less than 300 dollars which make them unqualified to get loans from the international bank.

The sources referred that the procedures which Italy intends to take comprises also reducing the debts of nearly 70 countries in which the individual income is a bit more than 300 dollars and this exemption is related to these countries' pledge to respect human rights, abandon war in solving disputes, seek to achieve social development, limiting poverty in addition to presenting projects that clarify means of benefiting from the funds that will be saved as a result of this debt exemption.

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