http://www.msnbc.msn.com/id/9467859/
WASHINGTON - Eighteen of the poorest nations will have their debts to the International Monetary Fund wiped out after rich countries bridged differences on Saturday that threatened a pact first signed this summer.
African countries welcome deal
African nations welcomed the deal but wanted to ensure that there would be no extra strings attached to receiving the money, and called for more nations to become eligible.
“The devil is clearly in the implementation details,” said Cosme Sehlin, Benin’s finance minister.
The World Bank said the debt deal could boost receipients’ annual economic growth by half a percentage point.
“The deal that has been sealed by the Fund this weekend will provide urgently needed money for education and health care,” said Max Lawson, policy adviser at Oxfam.
“We’ve seen a real breakthrough on debt cancellation by the IMF. The stage is now set for World Bank shareholders to fulfil their part of the bargain tomorrow.”