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Debt freeze for tsunami nations
Summary from United States, from articles in English
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Pierre Jouyet said the group of 19 wealthy nations - including the United States - would allow any country directly affected by the Dec. 26 Indian Ocean earthquake and tsunami to halt debt repayments if they wanted to. (article 1)
French Finance Minister Herve Gaymard said earlier that Thailand does not want to take advantage of the offer because of fears it could affect its credit rating. (article 1)
The moratorium could last up to a year, depending on the results of assessments to be carried out by the International Monetary Fund, Jouyet said. (article 1)
The five countries affected most by the tsunami - Indonesia, Sri Lanka, Thailand, India and the Maldives - pay $23.1 billion each year in public debt to foreign governments, the IMF and the World Bank. (article 1)
When debt service to other creditors, such as commercial banks, is added, they pay $45 billion annually. (article 1)
Leading industrialized nations in the Paris Club regard the moratorium as "completely indispensable" in helping Asia recover, Gaymard said. (article 1)
Governments and international financial organizations have long wrestled - with limited success - with how to relieve debt burdens in developing countries, mainly African nations even poorer than the tsunami-hit countries. (article 1)
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Other summaries about this story:
Event tracking:
Story keywords
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countries, debt, Aid, uk, affected |
Source articles
- Tsunami-wracked nations get debt relief (USA Today, 01/12/2005, 265 words)
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