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Canada Stops Collecting Debts Repayment from Ethiopia
Canada has ceased to collect debt repayments from Ethiopia and some other heavily indebted poor countries (HIPC), announced the Canadian Embassy to Ethiopia Thursday.
A release from the Canadian Embassy said that the Canadian government activated as of January 1, 2001 a moratorium on the debt repayments owed by Ethiopia.
The release said that Canada "intends to cancel these debts completely as soon as Ethiopia has completed its program under the international HIPC initiative".
Canada has also called on all bilateral creditors to put in place a moratorium on debt repayments to support the poverty eradication efforts of the selected HIPCs, the release said.
Canada is currently owed about 1.1 billion Canadian dollars (about US$200 million) by 17 HIPCs, the release said, adding 11 of which, including Ethiopia, will have their debts written off as they complete their HIPC processes.
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