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06.06.2003 Business & Finance

India Writes Off Ghana's Debts

By Financial Express
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New Delhi, June 5: The government has decided to write off the dues of seven heavily indebted poor countries. These countries include Mozambique, Tanzania, Zambia, Guyana, Nicaragua, Ghana and Uganda. Their dues amounted to Rs 95.44 crore as on March 31 this year. The decision follows implementation of the India Development Initiative approach announced by finance minister Jaswant Singh in the Budget speech.

Economists are of the opinion that the overall implication is political, meant for the domestic constituency. According to noted economist and director of National Institute of Public Finance and Policy Govinda Rao, “the external aid policy is designed to create a favourable impression for the electorate. It is a way to say, look India is a strong country.”

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