Canada has cancelled the remainder of Guyana's debt.
According to a statement from the Government Information Agency (GINA) Minister of Finance Saisnarine Kowlessar signed an agreement on July 12 to cancel US$1.4M worth of commercial debt, representing 100% of Guyana's debt to Canada.
The cancellation is in keeping with the Canadian government's commitment to Guyana by way of the Enhanced Heavily Indebted Poor Countries Initiative (EHIPC).
This brings the total debt reduction to Guyana by the Canadian government, according to GINA, to approximately US$5.5M or $1.1B. Guyana first gained debt reduction from Canada in May 1996.
Expressing his gratitude to Ralph Goodale, Canadian Minister of Finance, Kowlessar is quoted by GINA as saying that "the willingness of the government of Canada to grant Guyana exceptional debt relief will go a far way in helping the government of Guyana to improve its delivery of social services and fight poverty."