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IMF cancels poor nations' debt

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IMF cancels poor nations' debt

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Wealthy nations have completed a deal which will wipe out the debt owed by the world’s 18 poorest countries.

The announcement came after a meeting of the International Monetary Fund in Washington. Under the plan, which is expected to be in operation by the end of the year,around 33 billion euros worth of debt owed by the 18 mainly African states will be written off. The World Bank is set to follow up the IMF’s lead at a meeting today, cancelling the 18 countries’ debt to it. It is estimated the deal could boost the annual growth of the nations concerned by half a percent.