France announces plan to cancel 40 bln francs of poorest countries' debt

France has decided to write off 40 billion francs of debts owed by the poorest countries in the period between 2000 and 2001.

The economy and finance ministry said the move is a contribution to the G-7 initiative taken during last June's summit in Cologne (Germany).

A total of 28 recipient countries will have their debt canceled at a date to be decided with the International Monetary Fund. Britain was the first G-7 country to announce on Friday that it will cancel bilateral debt of 25 poorest countries.