Bulgaria to write off Zambia’s debt if it receives US$6m cash

The Bulgarian government said Wednesday it would write off 77 percent of Zambia’s communist-era debt as long as it received the remainder of $1.88 million (1.37 million euros) in cash, AFP reported.
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.

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