IQALUIT, Canada (Reuters) – Group of Seven countries have told earthquake-ravaged Haiti that any debts it owes them needn't be repaid and international lenders should do the same, Canadian Finance Minister Jim Flaherty said on Saturday.

"The debt to multilateral institutions should be forgiven and we'll work with these institutions and other partners to make this happen as soon as possible," Flaherty said at press conference closing a two-day gathering of finance ministers from the G7 industrialized nations.

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