Gya: Jubilee!

DENMARK formally canceled Guyana’s debt to that country yesterday, when its newly-accredited Ambassador to Guyana, H.E. Christian Konigsfeldt, said a debt cancellation agreement with finance Minister Saisenarine Kowlessar at the Finance Ministry here.

The agreement signals the cancellation of US$1.073 million worth of commercial debt and interest to the Scandinavian kingdom.

That represents 100 percent of Guyana’s debt to Copenhagen up to December 1, 2003 and brings the total debt reduction by Denmark to Guyana to about US$4.3 million of G$855 million since the first debt stock reduction operation started in May of 1996.

The latest write-off is based on the terms of the Paris Club agreement signed in Paris on January last, but is also part of Denmark’s support for countries, such as Guyana, participating in the enhanced HIPC Initiative.