BULGARIAN govt said it would write off 77% of Zambia's communist-era debt

THE BULGARIAN GOVERNMENT HAS SAID THAT IT WOULD WRITE OFF 77 PERCENT OF ZAMBIA’S COMMUNIST-ERA DEBT AS LONG AS IT RECEIVED THE REMAINDER OF $1.88 MILLION IN CASH.

ASSOCIATED PRESS REPORTS THAT THE PARDONED DEBT — WHICH AMOUNTS TO $6.29 MILLION — WOULD BE CONSIDERED AS DEVELOPMENT AID AND ZAMBIA WOULD REPAY THE OUTSTANDING AMOUNT IN FOUR INSTALMENTS WITHIN A YEAR OF SIGNING THE AGREEMENT.

THE GOVERNMENT PRESS OFFICE SAID IN THE PAST TWO YEARS, BULGARIA HAS AGREED TO WRITE OFF A LARGE PART OF THE COMMUNIST-ERA DEBT OF COUNTRIES LIKE SYRIA AND IRAQ SO AS TO SECURE AT LEAST PARTIAL REPAYMENT.
IN 2007, BULGARIA COMPLETELY WROTE OFF LIBYA’S DEBT OF $56.6 MILLION TO FACILITATE NEGOTIATIONS AND EVENTUALLY OBTAIN THE RELEASE FROM JAIL OF SIX BULGARIAN MEDICS SENTENCED IN CONNECTION WITH A HOSPITAL AIDS SCANDAL.

########