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G7 nations vow to cancel Haiti debt

Text by News Wires

Latest update : 2010-02-07

The world's seven most industrialized countries vowed Saturday they would each cancel their nation's remaining bilateral debt with quake-hit Haiti, Canadian Finance Minister Jim Flaherty said.

AFP - The world's seven most industrialized countries vowed Saturday they would each cancel their nation's remaining bilateral debt with quake-hit Haiti, Canadian Finance Minister Jim Flaherty said.

The "G7 will cancel all Haiti bilateral debt," he told a press conference after two days of G7 talks in northern Canada.

Haiti's debt to the seven nations -- Britain, Canada, France, Germany, Italy, Japan, and the United States -- is already relatively small after being reduced by past relief efforts.

Haiti's foreign debt however remains at about 890 million dollars, of which some 41 percent is owed to the InterAmerican Development Bank and a further 27 percent to the World Bank.

The Paris Club in June agreed to cancel Haiti's total remaining debt to its members of about 214 million dollars.

France had agreed to gradually wipe out Haiti's debt, but after the devastating January 12 earthquake it cancelled all of the remaining 58 million euros that Haiti owed.

Date created : 2010-02-06

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