Brazilian senate expected to approve partial pardon for Cape Verde’s debt

19 March 2010

Brasilia, Brazil, 19 March – The Brazilian senate is expected to analyse urgently two projects that authorise the restructuring of Cape Verde and Suriname’s debts to Brazil, in the amounts of US$3.8 and US$118 million, respectively, senate news agency Agência Senado reported.

The Senate’s Commission for Economic Affairs gave the go ahead for the two proposals sent by the government at its last meeting Tuesday, with the one relating to Suriname implying a pardon of US$35.7 million and a pardon of uS$1.1 million to Cape Verde.

Senator João Pedro (Amazonas Workers’ Party) who voted in favour of Cape Verde’s debt pardon, said that the debt related to a convention between Cape Verde and the Foreign Debt Portfolio of Bank of Brazil (Cacex) in 1983, and the debt has been due for payment since 2001. (macauhub)