U.S. Will Forgive $217 Million in Debt Owed by Jamaica
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KENNEBUNKPORT, Me. — The United States and Jamaica have agreed to reduce the Caribbean country’s debt by $217 million, the White House said Friday.
The move, announced at President Bush’s vacation home and in Washington, follows by one day the U.S. forgiveness of $341 million in Bolivian debt owed to the U.S. Agency for International Development. Washington also forgave a debt of $30.3 million borrowed by Bolivia to pay for food aid from the United States.
White House Press Secretary Marlin Fitzwater said the moves are part of Bush’s Enterprise for the Americas Initiative to spur trade, investment and growth in the region.
Jamaica’s debt to the United States for food assistance will be reduced from about $271 million to $54.2 million. Congress passed legislation last year authorizing the reduction.
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