Tuesday, May 31, 2011

Debt Cancellation | ONE

Debt Cancellation | ONE: "The Opportunity

Beginning in 1996, wealthy countries took steps to cancel debts owed by the world's poorest countries. In total, nearly $110 billion worth of debt has been canceled, $93 billion of which was in sub-Saharan African countries.

This relief has helped free up scarce resources for poor governments to invest in their people. Many African governments used their debt savings to eliminate primary school fees, which helped open school doors for millions of the poorest children. Other countries targeted their savings towards improving health services. Mozambique, for example, used its savings to vaccinate children against tetanus, whooping cough and diphtheria, while Cameroon used its savings to launch a national HIV/AIDS plan for education, testing and prevention."

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