Britain grants debt relief to G.O.B.

A release from the Government Press Office indicates that Great Britain has granted Belize debt relief in the amount of almost one point five million pounds. The funds, amounting to over five point three million Belize dollars, apply to the year running from July 2002 to June 2003. A letter from the British Ministry of International Development indicates that the U.K. government is willing in principle to extend the debt relief for a further two years subject to regular reviews of progress. The reduction in loan payments is part of the Commonwealth Debt Initiative, a programme which seeks to encourage Commonwealth debtor nations to promote good governance, poverty reduction, and sustainable development. The money saved by the debt relief will be used to implement a number of social development projects.