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Brazilian Senate approves $90.7 million debt relief to Zambia

Staff Writer |
The Senate of Brazil has approved up to $90.7 million or 80% of the $113.4 million debt which Zambia owed the South American Economic Giant as at July 31, 2011.

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This is according to the International Affairs Secretariat of the Brazilian Ministry of Finance delivered this morning to Zambia’s Finance Minister Felix Mutati by the Brazilian Ambassador to Zambia Anna Maria Pinto Morales.

“The Brazilian Senate has agreed that the outstanding debt of $113.4 million which Zambia owed should be treated through a special bilateral arrangement whereby 80 percent will be cancelled while 20 percent should be repaid,” read the statement.

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