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afrol News, 19 July - The United States today said it "welcomes the decision" of various creditors to reduce Mauritania's stock of debt. According to a government release, the US would fulfil its part of international debt reduction for Mauritania. On 8 July, representatives of the Paris Club creditor countries recommended that their governments reduce Mauritania's stock of debt by $188 million within the framework of the Enhanced Debt Initiative for Heavily Indebted Poor Countries (Enhanced HIPC Initiative). The US is a member of the Paris Club and "will now forgive all of Mauritania's official bilateral debt to the US Government," the statement reads. Under the Enhanced HIPC Initiative, bilateral and multilateral creditors commit to substantially reduce the debt stock and debt service payments of eligible countries such as Mauritania. In return, debtor nations pledge to implement rigorous economic reforms that provide for economic growth and poverty reduction. Mauritania reached its milestone, called a "completion point," of economic reform on 18 June this year. Mauritania is the sixth nation under this debt initiative to have reached its completion point.
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