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G7 to freeze tsunami nations debt

REUFERS, London
Finance ministers of the Group of Seven industrialised countries say they have agreed to freeze the debt repayments of nations hit by the Asian tsunami and will work with the Paris Club and other creditors on arranging how.
The G7 finance ministers agreed on Friday to urge the International Monetary Fund, the World Bank and the Asian Development Bank and other multilateral institutions to make the strongest possible efforts to assist ravaged nations struggling with a tragedy that has left more
than 150,000 people dead.
The relief would be available to countries that wish it.
"We would not expect debt payments from affected countries that request it until the World Bank and IMF have completed a full needs assessment of their reconstruction and financing requirements, recognising that some countries may be unable to make debt payments," the G7 said in astatement.
"We will work, within the Paris Club, with other creditors to achieve a consensus for this approach," the statement said.
The Paris Club is set to meet on January 12.
This year Britain is president of the G7, which also includes the United States, Japan, Germany, France, Italy and Canada. If Russia is included it is known as the GB.
The G7 finance ministers also urged the World Bank and IMF to complete their needs assessment by month-end. The G7 finmins said they will then consider whatever other steps are necessary when they meet on February 4-5 in London.
Asian countries affected by the devastating December 26 waves have a total of roughly S272 billion (146 billion pounds) in external debt, with Indonesia alone owing some $48 billion to the
Paris Club. That Indonesian debt would generate more than $3 billion in principal repayments alone this year.
While the debt relief plan reflects a generous spirit on the part of the G7, some analysts say debt relief for tsunami-hit Asian economies may offer them short-term gain but bring pain in the long run as the cost of servicing debt payments may rise in future.
A delay in payments, especially if commercial debt is Included in the moratorium, could lead to downy grades by rating agencies and raise the cost of future borrowings.