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The world’s leading industrialized nations have pledged to write off the debts that Haiti owes them, following a devastating earthquake last month (24) Canada’s finance minister announced at a summit in Iqaluit, northern Canada, that Group of Seven countries planned to cancel Haiti’s bilateral debts. Jim Flaherty said he would encourage international lenders to do the same. (25) Bi- and multilateral lenders including international bodies cancelled about $1.2bn (￡ 800m) of Haiti’s debt in 2009. " We are committed in the G7 to the forgiveness of debt, in fact all bilateral debt has been forgiven by G7 countries vis-a-vis Haiti," Mr Flaherty said at the end of the two-day gathering of finance ministers in the Arctic town.