British forgive over $3 Million of Belize’s debt

The intention had been announced several months ago but yesterday it became official. As part of a global forgiving of debt owed by developing nations, the United Kingdom has announced that Belize will be exempted from repaying over three point seven million Belize dollars in loans that would otherwise have fallen due between April and October of this year. Under terms set by the U.K. government, however, these funds cannot just be put back in the treasury. They must be used by the Belize government to reduce poverty, promote accountable government and adopt sustainable economic policies. Specific projects agreed to for this year’s funds include village water supplies, as well as furniture, equipment, materials and textbooks for schools in disadvantaged areas. Additional debt relief will be discussed between British and Belizean officials early next year.