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| G7 pledges to cancel Haiti debt | G7 pledges to cancel Haiti debt |
| (1 day later) | |
| The world's leading industrialised nations have pledged to write off the debts that Haiti owes them, following a devastating earthquake last month. | 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. | 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. | 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. | 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. | "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. |
| It must be right that a nation buried in rubble must not also be buried in debt Gordon BrownUK Prime Minister Corruption fears stalk Haiti | It must be right that a nation buried in rubble must not also be buried in debt Gordon BrownUK Prime Minister Corruption fears stalk Haiti |
| "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. | "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. |
| At least one million people are in need of aid in Haiti after the magnitude 7.0 earthquake which struck in mid-January, killing more than 200,000 people. | At least one million people are in need of aid in Haiti after the magnitude 7.0 earthquake which struck in mid-January, killing more than 200,000 people. |
| The G7 group - which includes Canada, the US, UK, France, Germany, Italy and Japan - has been under pressure to help Haiti recover since the 12 January quake by cancelling the money owed by Haiti. | The G7 group - which includes Canada, the US, UK, France, Germany, Italy and Japan - has been under pressure to help Haiti recover since the 12 January quake by cancelling the money owed by Haiti. |
| Haiti was rated as the poorest nation in the western hemisphere even before the earthquake struck. | Haiti was rated as the poorest nation in the western hemisphere even before the earthquake struck. |
| Though exact figures are difficult to obtain, the exact amount owed bilaterally to G7 countries is believed to be quite small. | |
| Brown's pledge | Brown's pledge |
| British Prime Minister Gordon Brown hailed the pledge, saying: "It must be right that a nation buried in rubble must not also be buried in debt". | British Prime Minister Gordon Brown hailed the pledge, saying: "It must be right that a nation buried in rubble must not also be buried in debt". |
| Debt relief is expected to free funds for the reconstruction effort | Debt relief is expected to free funds for the reconstruction effort |
| "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," he added. | "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," he added. |
| "We will work with others to make sure this is delivered." | "We will work with others to make sure this is delivered." |
| On Friday, the US voiced support for the plan to extend international debt relief for Haiti. | On Friday, the US voiced support for the plan to extend international debt relief for Haiti. |
| "The earthquake in Haiti was a catastrophic setback to the Haitian people who are now facing tremendous emergency humanitarian and reconstruction needs, and meeting Haiti's financing needs will require a massive multilateral effort," said Treasury Secretary Timothy Geithner. | "The earthquake in Haiti was a catastrophic setback to the Haitian people who are now facing tremendous emergency humanitarian and reconstruction needs, and meeting Haiti's financing needs will require a massive multilateral effort," said Treasury Secretary Timothy Geithner. |
| He said the US would seek to reach an agreement for the funds owed to the multilateral donors, which include the Inter-American Development Bank, the International Fund for Agricultural Development and the International Development Association. | He said the US would seek to reach an agreement for the funds owed to the multilateral donors, which include the Inter-American Development Bank, the International Fund for Agricultural Development and the International Development Association. |
| Mr Geithner also echoed the call by the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, to provide full relief of the country's outstanding debt to the body, including a $102m emergency loan approved in January. | Mr Geithner also echoed the call by the head of the International Monetary Fund (IMF), Dominique Strauss-Kahn, to provide full relief of the country's outstanding debt to the body, including a $102m emergency loan approved in January. |
| Last June, the international community agreed to cancel some $1.2bn (£800m) of the country's total debt of $1.9bn owed to bi- and multilateral lenders including the IMF, World Bank and the US government, as part of a programme for heavily indebted poor countries. | Last June, the international community agreed to cancel some $1.2bn (£800m) of the country's total debt of $1.9bn owed to bi- and multilateral lenders including the IMF, World Bank and the US government, as part of a programme for heavily indebted poor countries. |
| UK-based charity Oxfam has urged the writing off of about an additional $900m (£557m) that Haiti still owes to donor countries and institutions. | UK-based charity Oxfam has urged the writing off of about an additional $900m (£557m) that Haiti still owes to donor countries and institutions. |