IQALUIT (Canada) - THE world's seven most industrialised countries vowed on Saturday they would each cancel their nation's remaining bilateral debt with quake-hit Haiti, Canadian Finance Minister Jim Flaherty said.
The 'G-7 will cancel all Haiti bilateral debt,' he told a press conference after two days of G-7 talks in northern Canada.
Haiti's debt to the seven nations - Britain, Canada, France, Germany, Italy, Japan, and the United States - is already relatively small after being reduced by past relief efforts.
Haiti's foreign debt however remains at about US$890 million (S$1.27 billion) , of which some 41 per cent is owed to the InterAmerican Development Bank and a further 27 per cent to the World Bank.
The Paris Club in June agreed to cancel Haiti's total remaining debt to its members of about US$214 million.
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. -- AFP
