TOKYO -- Japan boosted its debt-relief program Monday to the full amount of the money owed to it by the world's poorest nations, the Foreign Ministry said.
A Foreign Ministry official said the decision would likely affect loans to about 30 countries, totaling about $943 million.The announcement, just months before Japan plays host to the Group of Eight summit of industrialized countries in July, affects loans that aren't part of Japan's Official Development Assistance loans.
Japan has already forgiven 100 percent of its Official Development Assistance loans. The debt-relief program applies to 40 heavily indebted countries.
Monday's move increases the percentage of loans to be forgiven from 90 percent to 100 percent, a ministry statement said. Such loans are for trade insurance or are extended by public entities such as export-import banks.
Among the nations likely to accept the debt relief are Bolivia, Mauritania, Uganda, Tanzania and Mozambique.
Tokyo also pledged further contributions to the World Bank debt-relief fund, bringing its contribution to $200 million, government officials said.
"As the chairman of the G-8 summit, we have the responsibility to make a . . . contribution and invite other members to do the same or more," said Kazuhiko Koshikawa, spokesman for Prime Minister Yoshiro Mori.
Koshikawa also said that all other Group of Seven major industrialized nations except Germany -- the United States, Britain, France, Canada and Italy -- have announced debt-relief measures already. The G-8 also includes Russia.
Japan's announcement expanded the commitment made last year at the G-8 meet in Cologne, Germany.