Aftenposten.no: Norway cancels foreign debts

Norwegian Foreign Affairs
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Norway cancels foreign debts

Norway is cancelling the debts of seven countries that borrowed heavily during a Norwegian ship export campaign in the 1970s. All told, it amounts to two-thirds of the foreign debt owed Norway. The government had agreed to cancel debts owed by Ecuador, Egypt, Jamaica, Peru and Sierra Leone. The money owed Norway by these countries amounts to NOK 520 million (about USD 80 million). Norway also will forgive debt owed by Burma and Sudan, (NOK 1.58 billion and NOK 770 million respectively) as soon as these countries qualify for international operations for debt relief.

Erik Solheim, the Norwegian government minister in charge of foreign aid, called the program a mistake, and said the debt relief was aimed at erasing a "little honourable" portion of Norwegian development history.Note EU-Digest: Bravo Norway!