Canada cancels Republic of Congo's debts

11:49, May 29, 2010      

Email | Print | Subscribe | Comments | Forum 

Canadian Finance Minister Jim Flaherty announced Friday that the Government of Canada will forgive nearly 24 million Canadian dollars (about 22.86 million U. S. dollars) owed by the Republic of Congo (Brazzaville) through the Canadian Debt Initiative (CDI).

With this relief, Canada has now cancelled close to 1 billion Canadian dollars of debt owed by the world's poorest and most heavily indebted countries through the CDI.

"Canada's debt relief program continues to support nations that have demonstrated a commitment to invest in the current needs of their citizens, even as they struggle with the debt burdens of their past," said Flaherty. "Today's debt relief announcement will free up more resources that can be better invested in the health and education of the Republic of Congo's citizens."

The Republic of Congo is the 14th country to meet all of the debt relief requirements of the CDI, under which 1.3 billion Canadian dollars in debt will be forgiven once all eligible countries have completed the process.

The CDI provides 100 per cent cancellation of bilateral debt owed to Canada for countries that have fulfilled all of the requirements of the International Monetary Fund (IMF) and World Bank-led Heavily Indebted Poor Countries (HIPC) Initiative.

Through Budget 2010, Canada fulfilled its commitment to double international assistance from the 2002 level this fiscal year, and has already met its commitment to double aid to Africa.

Canada has also boosted by 22 billion Canadian dollars its support to international financial institutions, such as the IMF and World Bank, which assist nations still coping with the global economic and financial crisis. This includes Canada's offer to provide 2.6 billion U.S. dollars to the African Development Bank, which will increase the Bank's lending capacity by 75 percent in 2010.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Whitney Houston blows a kiss to the audience at the BET Honors Awards in Washington, DC Jan. 17, 2009.(Xinhua/Reuters,File Photo)
  • People are seen in a shop selling gifts for the upcoming Valentine's Day in northwest Pakistan's Peshawar on Feb. 11, 2012. (Xinhua/Umar Qayyum)
  • Villagers cast their ballots into a box while voting for deputies in Wukan Village, south China's Guangdong Province, Feb. 11, 2012. More than 6,000 villagers of Wukan, known for last year's protests over illegal land use and other issues, voted for deputies Saturday in the second round of democratic elections for new leadership. Their voting will result in a team of 107 village representatives and seven group leaders. Under the new village leadership, the deputies will attend village committee meetings, report the villagers' suggestions and complaints to the village committee and keep the villagers informed of decisions made at the deputies' meetings. (Xinhua/Lu Hanxin)
  • A model presents a creation from the REBECCA MINKOFF Fall/Winter 2012 collection during New York Fashion Week, Feb. 10, 2012. (Xinhua/Wang Lei)
  • Paul Donahoo of Australia competes during the third round of The Asian Tour of ICTSI Philippine Open Golf Tournament in Mandaluyong City, Philippines, Feb. 11, 2012. The 300,000 USD Asian Tour tournament runs from Feb. 9 to 12. (Xinhua/Rouelle Umali)
  • Visiting Canadian Prime Minister Stephen Harper looks on while his wife Laureen holds a panda at a zoo in Chongqing, southwest China, Feb. 11, 2012. (Xinhua/Li Jian)
Hot Forum Discussion