Administration announces Afghanistan debt deal - WAOW - Newsline 9, Wausau News, Weather, Sports

Administration announces Afghanistan debt deal

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WASHINGTON (AP) -- The Obama administration says that the United States has reached an agreement with other countries to cancel $1.6 billion in foreign debt owed by Afghanistan to creditor nations and international lending organizations.

Deputy U.S. Treasury Secretary Neal Wolin said that the decision to cancel the debt was a recognition of the progress Afghanistan had made in strengthening its economy.

The debt cancellation agreement was negotiated by the Paris Club, an informal group of creditor countries. The agreement covers not only debt owed by Afghanistan to individual countries but also loans extended to the country by the International Monetary Fund and the World Bank.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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