The Italian minister for Foreign affairs Gianfranco Fini, has announced that the Italian government intends to cancel the foreign debt owed to Italy by some of the disaster-struck countries around the Indian Ocean; $9,4 million owed by Sri Lanka and $30 million owed by Indonesia. These two sums go to make up almost half the 70 million promised in aid to the zone by the Italian government.

Reduction of foreign debt to other countries hit by the disaster will be decided at a meeting to be held in Paris on 12 January of the 19 principle creditor nations. It is expected that Italy will ask for a postponement of interest payment on foreign debt from Thailand, the Maldives and India. Minister Fini added that the Italian foreign debt with Myanmar was only small, but given the lack of collaboration from the military regime in that country following the disaster, the government felt that it would be incorrect to reduce or postpone its debt repayments.