INDIA TO WRITE OFF Rs.95 CRORE DEBT OF POOR COUNTRIES

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India has decided to write off the dues of seven heavily indebted poor countries (HIPC). The countries include Mozambique, Tanzania, Zambia, Guyana, Nicaragua, Ghana and Uganda. The dues amounted to Rs.95.44 crore as on March 31, 2003.

The decision follows implementation of India Development Initiative approach announced by the Finance Minister, Shri Jaswant Singh in his Budget Speech this year.