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G7 pledges to cancel Haiti debt | G7 pledges to cancel Haiti debt |
(10 minutes later) | |
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 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. | |
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. |