Poorest Nations to Get Debt Cancellation
Japan boosted its debt-relief program to 100% of the money owed to it by the world’s poorest nations, the Foreign Ministry said. The announcement, just months before Japan is scheduled to play host to a Group of 8 summit of industrialized countries in July, affects loans that aren’t part of Japan’s Official Development Assistance program. Japan has already forgiven 100% of its Official Development Assistance loans. The affected loans were for trade insurance or were extended by public entities such as export-import banks. A Foreign Ministry official said the decision would probably affect loans to about 30 countries, totaling about $943 million. Tokyo also pledged further contributions to the World Bank debt-relief fund, bringing its contribution to $200 million, government officials said.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.