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Business

Germany to Cancel Indonesia's Debt

German officials said they would cancel Indonesia's €23 million ($29.74 million) debt as long as the country promises to use the money to fight poverty and promote education. According to a statement by the German Embassy in Jakarta, the debt will be cancelled if 50 percent of the money goes towards "poverty alleviation, resource protection and education," according to Reuters. The deal could pave the way for similar deals with Great Britain and France, which make up a significant chunk of the country's $80 billion foreign debt.