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NEWS
CUBA
South Africa
Cancels $117 million Debt Owed by Cuba
By Mike Cohen | Bloomberg News
Sun-Sentinel.com
7:58 AM EDT, April 17, 2008
South Africa's Cabinet agreed to cancel 926.8 million rand ($117
million) owed to it by Cuba because the country was unable to repay the
debt.
``This debt arose out of the insurance cover which was provided to Cuba
by the Export Credit Insurance Corp. of South Africa Ltd. for the export
of diesel engines and pesticides in 1996,'' government spokesman Themba
Maseko told reporters in Pretoria today, following the Cabinet's
bi-monthly meeting.
``Given the assessment of Cuba's debt position, government is of the
view that Cuba was not in a position to meet its obligation in the
foreseeable future,'' Maseko said.
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