Brazil Ready to Pardon Debts As Long As Someone Else Pays

Five Latin American countries seek to have their debts with the Interamerican Development Bank pardoned. The issue will be discussed by a committee representing shareholder countries.

The committee, led by Brazil, is meeting at the 47th Annual IDB Governors Conference, which will end this Wednesday, April 5, in Belo Horizonte in the Brazilian Southeast.

According to the president of the IDB, Luis Alberto Moreno, Haiti, Bolivia, Nicaragua, Guyana and Honduras are burdened by debt payments that make investments in infrastructure and poverty reduction projects impossible.

Their total debt is US$ 3.5 billion. Brazil, Argentina and Mexico have declared that they are willing to pardon the debts as long as the cost is not debited to their shares.

The debt pardon has been the main topic of debate at the Belo Horizonte meeting, but Moreno says a consensus has not been reached. He said he believes that a final decision will only be ready at the end of this year.

According to Brazilian minister of Planning, Paulo Bernardo, most IDB member states have not taken a position on the question. He says there is a proposal for rich nations, such as the United States, Canada and Japan, who are IDB donors, to set up a fund that will cover the costs of the debt pardon.

Agência Brasil

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