Algeria pardons debt of Sao Tome and Principe

28 January 2011

Sao Tome, Sao Tome and Principe, 28 Jan – The Algerian government has decided to pardon the foreign debt owed to it by Sao Tome and Principe of US$3.5 million, the Sao Tome minister for Planning and Finance, Américo Ramos said Thursday.

The debt pardon followed an agreement set up two days ago in Sao Tome and signed by Ramos, representing the archipelago, and Algerian government representative Kamen Boughada.

The debt owed to Algeria by Sao Tome and Principe was the result of a loan provided by the Algerian authorities as part of bilateral cooperation. (macauhub)