Canada unveils debt relief initiative for worlds poorest countries

  • 01/02/2005

'86'86 Canada will contribute 172 million dollars (138 million US dollars) over the next five years to ease the debt load of 19 of the world's poorest countries, officials in Ottawa announced, urging other nations to follow their lead. '86'86 The money will be divided among the 15 countries that completed the Heavily Indebted Poor Countries debt-reduction initiative and four other needy nations, according to a statement by Canadian Finance Minister Ralph Goodale. '86'86 The funds, which will be given to the International Development Association of the World Bank and the African Development Fund, represent "four percent of all debt payments to these institutions, or Canada's traditional share of global multilateral assistance," according to Ottawa.