Related Event: Asian Tsunami Disaster

The Paris Club of creditor nations has announced an "immediate and unconditional" debt moratorium for Sri Lanka, Indonesia and Seychelles.

The president of the 19-member informal organization, Jean-Pierre Joyuet told a press conference that the measure takes effect immediately. It will allow countries affected to use all available resources for humanitarian needs and reconstruction.

Indonesia's foreign debt totals around 132 billion US dollars, and Sri Lanka's foreign debt is roughly 7.7 billion dollars.

Some other tsunami-stricken countries such as India, Malaysia and Thailand have not make the relief request.

(Photo Source: AFP)

Copyright of crienglish.com. All rights reserved. Reproduction of text for non-commercial purposes is permitted provided that both the source and author are acknowledged and a notifying email is sent to us.