South Africa waives Cuban debt

South Africa waives Cuban debt
17 minutes ago

JOHANNESBURG (AFP) — South Africa has waived Cuban debt totalling more
than 100 million dollars, a government spokesman said on Thursday after
a cabinet meeting.

"Given the assessment of Cuba's debt position, governmnent is of the
view that Cuba was not in a position to meet its obligations in the
forseeable future," Themba Maseko was quoted as saying by the SAPA news
agency.

The 926.8-million-rand (117-million-dollar/ 73-million-euro) debt was
owed for insurance cover provided by the Export Credit Insurance
Corporation of SA for the export of diesel engines and pesticides in 1996.

Maseko said Cuban debt could undermine future trade in areas such as
biotechnology and pharmaceuticals.

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