Published on Wednesday, 16 January 2013 20:58
The government said it is preparing to repay debts to the Paris Club group of countries, after forming committees to oversee the process at the end of the last year.
The committees are compiling a list of ministries and organisations that borrowed money from the Paris Club members, calculating debts from each country and amounts already repaid, committee members said.
The Paris Club is an informal group of financial officials from 19 of the world’s biggest economies. It works with creditors to provide debt restructuring, debt relief, and debt cancellation to indebted countries.
A report submitted to the Union Assembly last November said that the country’s five largest creditor nations were: Germany (about US$1.58 billion), France (about $997 million), Norway (about $513 million) and Australia (about about 268 million), and the United Kingdom (about $80 million).
The Ministry of Finance and Revenue’s minister and vice-minister are chairman and vice-chairman of the debt-clearance committee, respectively.
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