France cancels more Madagascan debt

28th February 2005, Comments 0 comments

ANTANANARIVO, Feb 28 (AFP) - France has announced it is cancelling another EUR 53 million (USD 70 million) of Madagascar's debt.

ANTANANARIVO, Feb 28 (AFP) - France has announced it is cancelling another EUR 53 million (USD 70 million) of Madagascar's debt.

French Ambassador to Madagascar, Catherine Boivineau, announced the move here Friday after signing a contract on development and debt with Economy and Finance Minister Benjamin Radavidson Andriamparany.

It was in line with a pledge by French President Jacques Chirac during his July 2004 visit to the large Indian Ocean country, she said.

France cancelled all the commercial debt owed to it by Madagascar, amounting to USD 400 million (EUR 302 million), last November.

That was part of a general debt forgiveness of some USD 1.45 billion (EUR 1.09 billion) by the Paris Club of creditor nations.

© AFP

Subject: French News

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