Guinea Gets $2.1 Billion In Debt Relief

Yesterday, the IMF and World Bank announced that Guinea would receive $2.1 Billion in debt relief, since it qualified for their "heavily indebted countries" program. Guinea is not to be confused with Guinea-Bissau or Equatorial Guinea, as all three are different countries in Africa. The one called just Guinea (the one I'm talking about today) is also known as Guinea-Conakry, as its capital is Conakry (the capital of Guinea-Bissau is, you guessed it, Bissau). Guinea-Conakry aka the Republic of Guinea is the country that has been granted this exciting boon of debt relief. Being ruled by a dictator for over twenty years led to ruthless pillaging of its mineral wealth. Most of the country today is in complete poverty (75% of the country's 10 million people live below the poverty line).

Guinea!

Random Kate Thoughts: The IMF and the World Bank also gave Liberia a ton of debt relief after Ellen Johnson Sirleaf proved her merit and trustworthiness as president, so it is a good sign that the new Guinean president is following in her footsteps. That said, this debt relief will not create any immediate impact on the people of the country. It's just that now their taxes will go towards government programs as opposed to paying back the debt of their previous rulers. Thank you, global financial powers-that-be, just now please help Guinea rise economically, so the government has some businesses to tax and can begin providing basic services like education and healthcare.