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G7 pledges to cancel Haiti debt G7 pledges to cancel Haiti debt
(10 minutes later)
The world's seven most industrialised nations have pledged to write off their countries' debts with Haiti, following a devastating earthquake last month. The world's leading industrialised nations have pledged to write off their countries' debts with Haiti, following a devastating earthquake last month.
"G7 will cancel all Haiti bilateral debt," Canadian Finance Minister Jim Flaherty said at a G7 summit in Canada."G7 will cancel all Haiti bilateral debt," Canadian Finance Minister Jim Flaherty said at a G7 summit in Canada.
The G7 group also includes France, Germany, Italy, Japan, the UK and US. The G7 group also includes the US, UK, France, Germany, Italy and Japan.
At least one million people currently need aid in Haiti after the magnitude-7 earthquake that officials say killed more than 200,000 people. At least one million people currently need aid in Haiti after the Magnitude 7 earthquake that officials say killed more than 200,000 people.
British Prime Minister Gordon Brown hailed the pledge made at the summit in Iqaluit, northern Canada.British Prime Minister Gordon Brown hailed the pledge made at the summit in Iqaluit, northern Canada.
"It must be right that a nation buried in rubble must not also be buried in debt," he said."It must be right that a nation buried in rubble must not also be buried in debt," he said.
"The UK has already cancelled all debts owed to it by Haiti and I strongly welcome today's G7 commitment to forgive Haiti's remaining multilateral debt. We will work with others to make sure this is delivered.""The UK has already cancelled all debts owed to it by Haiti and I strongly welcome today's G7 commitment to forgive Haiti's remaining multilateral debt. We will work with others to make sure this is delivered."
UK-based charity Oxfam has urged the writing off of about $900m (£557m) owed by Haiti to donor countries and institutions. It is unclear what portion of that amount Haiti owes to the G7 nations.