Canada cancels Republic of Congo's debts

13:22, May 29, 2010      

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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

(Editor:王千原雪)

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