South Africa waives Cuban debt
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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