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forgive

 
 
/fəˈgɪv/ verb [T] (forgave, forgiven) formal ECONOMICS, FINANCE

Definition

to allow someone to not have to pay a debt: Japan agreed to forgive up to 100% of the debts owed to it by the world's poorest countries.
forgiveness noun [U] debt/loan forgiveness The legislation also includes special loan forgiveness for public servants such as teachers and firefighters.
(Definition of forgive verb from the Cambridge Business English Dictionary © Cambridge University Press)

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