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Ottawa, December 30, 2004
2004-085

Canada Implements Debt Repayment Moratorium for Nations Affected by Asian Tsunami

Minister of Finance Ralph Goodale announced today that Canada will put in place, with immediate effect and for the foreseeable future, a debt moratorium for countries affected by the recent earthquake and tsunami.

"At a time when most Canadians are enjoying the holiday season, we must do whatever we can to help these nations deal with this enormous humanitarian crisis," Minister Goodale said. "Easing the debt burden faced by the hardest-hit countries represents a significant step in helping the rebuilding efforts in the affected regions."

Minister Goodale added that Canada will raise this issue at a meeting of the Paris Club on January 12, 2005, with the aim of seeking agreement from all creditor countries to implement similar debt moratoriums for countries affected by this disaster. The Paris Club is an informal group of official creditors whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor nations.

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