THE IMF and the World Bank have agreed to provide Tanzania with a total three billion dollars in debt relief under an initiative for the world’s most indebted nations, the two organizations announced on Tuesday. Tanzania is the fourth to qualify for debt reduction under the World Bank and International Monetary Fund’s Heavily Indebted Poor Countries initiative, after Bolivia, Mozambique and Uganda. All of Tanzania’s creditors will offer relief, totalling three billion dollars over time, or $2,026-million in net present terms, the two financial institutions said in a statement. The move would reduce the net present value of Dar es Salaam’s external debt by some 54%, but the statement noted that the country’s debt could be further cut through bilateral accords. Debt payments will be cut from $193-million in fiscal 1999-2000 to an average of 116-million in 2001-02, and 87-million between 2011-12 and 2020-21. – AFP