Guinea to see $2.4 billion of its debt cancelled

AP News
|
Posted: Sep 26, 2012 10:25 AM
Guinea to see $2.4 billion of its debt cancelled

CONAKRY, Guinea (AP) — Officials in the impoverished West African nation of Guinea say two-thirds of the country's foreign debt is going to be canceled.

The move comes after Guinea qualified for heavily indebted poor country status, meaning that more than $2.4 billion of its debt now will be cancelled.

Wednesday's announcement was confirmed by a Guinean government statement.

Guinea's finances were left in ruins after nearly a quarter-century of rule by Lansana Conte, who pillaged state coffers to make his family fabulously wealthy before his death in 2008.

In 2010 the country held its first democratic election but most Guineans remain deeply impoverished nearly two years later.