Hague against debt waiver for tsunami area

26th January 2005, Comments 0 comments

26 January 2005, AMSTERDAM — The Hague has come out against the idea of forgiving the national debt of countries affected by the Indian Ocean tsunami.

26 January 2005

AMSTERDAM — The Hague has come out against the idea of forgiving the national debt of countries affected by the Indian Ocean tsunami.

As the latest estimate put the number of fatalities from the tsunami at 288,000, Dutch Development Minister Agnes Van Ardenne said waiving the debt would damage the countries' credit ratings on the capital market.

India has also cited this reason for its decision not to seek a waiver of its foreign debts.

Van Ardenne said she was in favour of a temporary suspension of debt payments to help the countries in the disaster region. She made her comments during a debate in the Dutch Parliament about ways to help the countries recover from the tsunami.

The Paris Club of nations, including the Netherlands, decided earlier this month to back a temporary moratorium on debt repayments.

[Copyright Expatica News 2005]

Subject: Dutch news

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