Australia to forgo $83m in debt

Adelaide: Australia is expected to forego about A$18 million (about HK$83.1 million) in debt owed by Nicaragua and Ethiopia under the Heavily Indebted Poor Countries (HIPC) initiative led by the International Monetary Fund. The Australian Government said Ethiopia and Nicaragua were the only two countries which owed it money out of 40 identified for possible debt relief under the HIPC initiative.