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Bulgaria Writes Off 77% of Zimbabwe's Debt
BULGARIA WRITES OFF 77% OF ZIMBABWE'S DEBT
Date: 23/02/2011
Source: novinite.com
Bulgaria Writes Off 77% of Zimbabwe's Debt

Bulgaria's government decided on Wednesday to waive USD 6.3 M or 77% of Zimbabwean debt, which has not been serviced in the past 20 years.

The remainder of Zimbabwe's debt – a total of USD1.886 M will be paid in four installments within one year, the Sofia-based cabinet said.

Should the Zimbabwean government fail to fulfill its obligation under the agreement, it will be obliged to pay the debt in full in one installment in the framework of sixty days.

Zimbabwe's USD 8.2 M debt piled up during the communist regime in Bulgaria, which collapsed in 1989, in return for arms, construction of roads and factories and technical aid.

During the years of the communist regime the debts of countries from the Third World to Bulgaria were kept secret.

When they were revealed to the public, it turned out that the international financial institutions have already drawn up a plan for them to be waived.


Topic: Financial



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Rousse is the largest Bulgarian city on the Danube river. It is situated in the north-eastern part of Bulgaria, 300 km far from the national’s capital Sofia. Rouse’s rich historical past shows that the Danube river was the basis of existence. From it’s foundation up to now, in spite of the names the town had through 19 centuries, it was a Danube harbor.

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