Algeria waives £500m debt owed by Iraq and Yemen

Spokesman for Algeria's Ministry of Foreign Affairs Amar Belani The Algerian has waived debts worth $500 million, owed by Iraq and Yemen. Spokesman for the Ministry for Foreign Affairs Amar Belani said the move came in line with Algeria's policy of supporting emerging Arab nations who need the funds to rebuild and achieve economic and social development.
Last week, Belani disclosed that the government had paid off the debts of 14 African countries, totalling $902 million, since 2010, citing their stability as being beneficial to economic and social prosperity in Africa.