Multi-billion dollar debt forgiveness from IADB to L. America

The Inter-American Development Bank (IADB) forgave almost $4.5 billion in debt to five countries in Latin America and the Caribbean: Bolivia, Honduras, Nicaragua, Haiti and Guyana. The IADB canceled the entire debts of all the aforementioned countries except Haiti, much to the disappointment of several non-government organizations. In other notable financial news:

• IADB figures revealed that the amount of remittances sent to Latin America outnumber all foreign aid and direct investment to the region.
• International Monetary Fund deputy managing director Murilo Portugal said that government policies throughout Latin America have reduced the risk of a regionwide economic slowdown.
• China’s economic expansion into the Americas continues with the Chinese government wanting to become a member of the IADB.

Links- The Latin Americanist, Guardian UK, Xinhua, BBC News, Reuters, BusinessWeek