G7 to cancel Haiti’s debt

The world’s seven most industrialized countries have vowed to cancel their remaining bilateral debt with Haiti. The Group of Seven (G7) “will cancel all Haiti bilateral debt,” Canadian Finance Minister Jim Flaherty told reporters at a press conference on Saturday after two days of G7 talks in northern Canada.
Haiti’s debt to Britain, Canada, France, Germany, Italy, Japan, and the United States is already relatively small after being reduced by past relief efforts. However, Haiti’s foreign debt remains at about 890 million dollars, 41 percent of which is owed to the Inter-American Development Bank and 27 percent to the World Bank, AFP reported. In June, the Paris Club agreed to cancel Haiti’s total remaining debt to its members, which had amounted to 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.

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