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 CHERIF LO, Senegal (AP) - Electric lights for a village clinic — a simple but profound change stemming from earlier debt relief — indicate what the future might hold for impoverished African countries in line to see billions in foreign debts written off.
Under the African debt cancellation initiative that the Group of Eight richest countries are set to adopt at next month's summit in Britain, the $2.5 billion Senegal owes to the World Bank, the International Monetary Fund and the African Development Bank will be completely scrapped.
As a hint of what this is likely to mean, consider the results for Cherif Lo of the $77.7 million already granted in debt relief in 2003.
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