Some Creditors to Cancel Congo Debt

Seeking to protect the Congo Republic from circling vulture funds, the Paris Club of sovereign creditors, along with Brazil, agreed Thursday to cancel all $2.4 billion of debt owed to them. "As a contribution to restoring the Republic of Congo's debt sustainability, the agreement will provide a cancellation of $981 million," the Club said in a statement. "Paris Club creditors also expressed their intention to grant additional debt relief to 100 percent on a bilateral basis for an amount of $1.4 billion." Congo and recently completed the World Bank and International Monetary Fund’s Heavily Indebted Poor Countries program, meaning it has met certain high standards for transparency and fighting corruption. The participating Paris Club members included France, Germany, Russia and the United States.