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The first part of the debts, $625 million, has already been paid off. The remaining part is under the form of transactions with the American department of agriculture, which supplied Algeria with cereals, and bilateral programs between the USA and Algeria. American President Mr. Bush addressed a letter to his Algerian counterpart Mr. Bouteflika. He thanked him for the commitment of Algeria to prepay its debts towards Paris Club, currently presided by the U.S.A. The American president revealed his approval on the prepayment formula for the debts due to the State Department of Agriculture. In the same context, he pointed out “your will to prepay proves the good management of debts and guarantee to the commitment of Algeria on the development process and social and economical reform.” Through such an agreement Algeria would have had finished a series of agreements on debts due to Paris Club, namely with 16 out of 19 debtor States forming Paris Club on 31 May 2006 and fixed the date 30 November as a deadline to settle the issue. Up to now, Algeria managed to prepay during less than two years more than $11 billion. S. Hafid | ||||||||||||||||||
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Washington accepts Algeria’s debts prepayment