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G7 nations agree to cancel Haiti bilateral debt

Release Date: 07-Feb-2010

The world's leading industrialised nations have pledged to write off the debts that Haiti owes them, following a devastating earthquake last month.

Canada's finance minister announced at a summit in Iqaluit, northern Canada, that Group of Seven countries planned to cancel Haiti's bilateral debts.

Jim Flaherty said he would encourage international lenders to do the same.

Some $1.2bn (£800m) of Haiti's debts to countries and international lending bodies has already been cancelled.

"We are committed in the G7 to the forgiveness of debt, in fact all bilateral debt has been forgiven by G7 countries vis-a-vis Haiti," Mr Flaherty said at the end of the two day gathering of finance ministers.

"The debt to multilateral institutions should be forgiven, and we will work with these institutions and other partners to make this happen as soon as possible," he added.

“It must be right that a nation buried in rubble must not also be buried in debt”

Gordon Brown
UK Prime Minister