ABSTRACT
The empirical research of this chapter assesses the extent to which Canada and the United Staes (US) have reliably implemented their G7 debt relief commitments from 1988 to 1995. It addresses the variable record of Canadian and US compliance, accounting for temporal and cross-country variations. By the time of the Toronto Summit, the external debt of the world's developing countries had exceeded US$1.37 trillion, with debt in sub-Saharan Africa having reached 369" of the value of its total exports. As a result, the need for a more comprehensive approach to increased aid flows and further large-scale debt forgiveness by the world's creditor nations was becoming increasingly apparent. In sum, the G7 Summit process has displayed a strong commitment towards the implementation of a debt strategy, specifically during the last full cycle of Summitry during which time Summit debt initiatives have been met with a significant degree of positive resolve by both Canada and the US.
