forgive
verb [ T ]
ECONOMICS, FINANCE formal uk/fəˈɡɪv/ usforgave | forgivento 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.