Good news for Tanzania today. 27 countries are eligible for debt relief under the HIPC (highly-indebted poor countries initiative). 18 have reached completion point including Tanzania. What are your thoughts? Below is the lastest taken from http://news.bbc.co.uk
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Anti-poverty campaigners have welcomed a debt relief deal to help some of the world's poorest countries - but say they want more nations to benefit. The world's richest countries have agreed to write off the $40bn (?22bn; 33bn euros) debt owed by 18 mainly African countries.

The package was agreed by G8 finance ministers meeting in London ahead of July's summit in Scotland. It has received a generally positive reaction in Africa itself.

The UK, which holds the G8 presidency this year, is also hoping to secure a large increase in development aid to the poorest countries.

DEBT RELIEF PLAN
Debts written off for 18 countries - total $40bn
Debt repayments saved by the group each year - $1.5bn
Nine more countries to qualify within 18 months - takes total to $55bn
UK's contribution over next 10 years: $700-$960m
US contribution: $1.3bn-$1.75bn
Africa's total external debt: $300bn

The debt relief package "sets the stage" for the summit at Gleneagles, said UK Chancellor Gordon Brown. Announcing the deal, Mr Brown said now was "not a time for timidity but a time for boldness".

Under the deal, the World Bank, the International Monetary Fund and the African Development Fund will immediately write off 100% of the money owed to them by 18 countries - a total of $40bn.

Between them, it will save those countries a total of $1.5bn a year in debt repayments.

'Encouraging'

Nine other countries should benefit from 100% debt relief within 12-18 months, Mr Brown said. After that, 11 more countries could be eligible to join the scheme if they meet targets for good governance and tackling corruption.

The total package - which needs to be approved by the lending institutions - could be worth more than $55bn.

Our agreement in return for debt relief is that it goes towards health... teachers, and infrastructure

Gordon Brown

Q&A: African debt deal

Ugandan Information Minister Nsaba Buturo - whose country will benefit immediately - told AFP the decision was "commendable", but he added: "It's something that should have been done yesterday."

Ethiopia's Finance Minister Sofian Ahmed said his country's debt cancellation was "very encouraging", so long as there were no strings attached.

Romilly Greenhill of ActionAid said: "The debt deal is very good news for people in the 18 countries that will immediately benefit."

"But it will do little to immediately help millions in at least 40 other countries that also need 100% debt relief."

A spokesman for the UK's Jubilee Debt Campaign said while there was "more work to be done," the deal had gone much further than had been expected following previous meetings of the World Bank and IMF.

Disagreements

The debt relief plan was adopted after Britain managed to secure the backing of the US on Friday.

Disagreements remain over how much extra development aid should be given to poor countries and how it should be funded.

The US has rejected the UK's proposed International Finance Initiative, which would aim to raise $50bn a year by selling bonds on the world capital markets.

France is pushing for an international aviation tax to fund the extra aid money.

The G8 countries are the United States, Canada, Britain, France, Germany, Italy, Japan and Russia.