Finance ministers from the G7 Industrialized Nations have pledged to forgive some $1.2 billion in debt owed by Haiti following last month’s devastating earthquake. Canadian Finance Minister Jim Flaherty made the announcement during a two-day G7 meeting in the Canadian Arctic town of Iqaluit.

Jim Flaherty, Canadian Finance Minister: “We are committed in the G7 to the forgiveness of debt. In fact, all bilateral debt has been forgiven by G7 countries vis-à-vis Haiti. The debt to multi-natural — multilateral institutions should be forgiven, and we’ll work with these institutions and other partners to make this happen as soon as possible. And we discussed the long-term reconstruction assistance that Haiti will need as it emerges from the current, urgent situation as a result of the earthquake.”