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G7 pledges to cancel Haiti debt | G7 pledges to cancel Haiti debt |
(40 minutes 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. |
"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. | The G7 group also includes the US, UK, France, Germany, Italy and Japan. |
One million people need help in Haiti, the poorest nation in the Americas, after the quake that killed more than 200,000 people, officials say. | |
The G7 has been under pressure since the 12 January quake to help Haiti recover by cancelling the money owed to it, the BBC's Nick Davis in Port-au-Prince says. | |
Brown's pledge | |
British Prime Minister Gordon Brown hailed the pledge, which was made on Saturday during a G7 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." |
Before the earthquake, the international community agreed to cancel much of Haiti's $1.2bn (£800m) debt. | |
UK-based charity Oxfam has urged the writing off of about an additional $900m (£557m) that Haiti still owes to donor countries and institutions. It is unclear what portion of that amount Haiti owes to the G7 nations. | UK-based charity Oxfam has urged the writing off of about an additional $900m (£557m) that Haiti still owes to donor countries and institutions. It is unclear what portion of that amount Haiti owes to the G7 nations. |
The World Bank has already announced that it is waiving Haiti's debt payments for the next five years. | The World Bank has already announced that it is waiving Haiti's debt payments for the next five years. |
And the Paris Club of creditor governments - including the US, UK, France and Germany - has called on other nations to follow its lead in cancelling debts to Haiti. | And the Paris Club of creditor governments - including the US, UK, France and Germany - has called on other nations to follow its lead in cancelling debts to Haiti. |
Venezuela and Taiwan are the country's other biggest creditors. | Venezuela and Taiwan are the country's other biggest creditors. |