Forgiving Debt

Colossians 2:13-14 (New International Version)

13 When you were dead in your sins and in the uncircumcision of your flesh, God made you alive with Christ. He forgave us all our sins, 14 having canceled the charge of our legal indebtedness, which stood against us and condemned us; he has taken it away, nailing it to the cross.

On March 25, 1999, Canadian Prime Minister Jean Chrétien announced the Canadian Debt Initiative. The initiative was to forgive 100 percent of debt owed by heavily indebted poor countries to Canada. In December of that year, Bangladesh became the first recipient of that initiative. Canada forgave Bangladesh of some $600,000 (Canadian). "Canceling Bangladesh's debt to Canada will provide a financial and moral boost to Bangladesh's poverty reduction efforts," said Canadian Finance Minister Paul Martin.

Canada's Minister for International Co-operation Maria Minna agreed. "Nearly half of the people of Bangladesh suffer from a lack of food, shelter, health or education facilities," she said. "Providing more resources to poverty reduction is one of the keys to future prosperity in Bangladesh. By forgiving Bangladesh's debt, we are helping that country focus on improving the quality of life of its people." Instead of having to service debt, Bangladesh country can use the money for education and health. Madagascar, Tanzania, Honduras, and Zambia are countries Canada is considering for future debt relief for a total of about $50 million forgiven.

God has a much larger plan for canceling the debt of sin. It is in the person of Jesus Christ, who paid for that debt on the Cross. Have you accepted Christ's forgiveness for your debt of sin? Today in prayer, thank the Lord for forgiving you. Then forgive others just as Christ has forgiven you.

Dear Lord we thank You for what You did to cancel our debt that we owed because of our sin. Help us always be thankful for that forgiveness. In Jesus’ name, Amen.