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40 Billion Us In Debt Relief

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Source: CBC


Finance ministers from the Group of Eight industrialized nations have reached an agreement that is expected to wipe out $40 billion US of debt owed by 18 of the world's poorest nations.


The countries are: Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda and Zambia.


The ministers, from Canada, France, the United Kingdom, Italy, Japan, Germany, Russia and the United States, agreed to the plan at the end of a two-day meeting in London, held ahead of a summit of world leaders in Gleneagles, Scotland in July.


Britain led the push for debt relief to help the 18 countries, many in sub-Saharan Africa. Chancellor of the Exchequer Gordon Brown said in a Friday television interview that he was hopeful the plan would cut Africa's debt in mere weeks.


The debt to be cancelled is owed to the World Bank, the International Monetary Fund and the African Development Bank.


* FROM JUNE 10, 2005: U.S., Britain reach deal on debt relief for poor nations


The countries involved have already met strict targets of good governance. Another 20 countries could eventually be eligible for debt relief under the plan, making it worth more than $55 billion.


Canadian Finance Minister Ralph Goodale has said Canada is prepared to assume its full fair share of the cost of the debt relief plans.


He estimated the plans would cost Canada between $150 million $200 million over the next five years.

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I have to wonder, how much of this is just bullshit? I'm vaguely reminded of the Darfur problem finally being called a genocide by the US and others and yet they're not doing anything. To me, it just looks like they're covering their asses when another couple hundred thousand or so are killed by state-sponsored Janjaweed. I'm skeptical of this.

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i completely agree with you, Pavel and Anton... it is just one way to show the world that they are "good people willing to help the ones in need"... it is just hypocrisy, it is just interest behind, they dont really wanna finish with famine in the world because then there would be "many" countries in the so called "first world"...

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