G-7 Countries Willing to Offer Debt Relief

AP ^ | 2/5/5 | ED JOHNSON

[SmithL]

London, TX -- Finance ministers from the Group of Seven industrial nations said Saturday they were willing to provide up to 100 percent debt relief to the world's poorest nations, but insisted that developing countries ensure the money would be spent wisely.

Britain's Treasury chief Gordon Brown said at the close of the G-7 summit in London that debt relief would be "agreed on a case-by-case basis."

He said discussions would continue on financing mechanisms to increase overseas development assistance. At its April meeting, the International Monetary Fund would examine a proposal to re-evaluate its gold supplies to finance debt relief.

Britain has made tackling poverty in Africa and the developing world a priority for its presidency of the G-8 _ the Group of Seven plus Russia _ and says the goals of the U.N.'s 2000 Millennium Summit, to tackle by 2015 the poverty, hunger and disease affecting billions of people, will not be met without urgent action.

Following a two-day meeting in London, G-7 finance ministers said developing countries must have "sound, accountable and transparent institutions" and develop policies for poverty reduction and sustained economic growth.

The communique issued at the close of the conference noted that corruption in poor countries was a "significant barrier to growth, private sector development, investment and poverty reduction."

[SmithL]

If we're taking over payment for these countries, do we at least get to drive them?

[Gandalf_The_Gray]

If we're taking over payment for these countries, do we at least get to drive them?

And how long do you suppose it will be before the "World Bank" is again pouring billions down the same rat-holes? "Investing" in third world economies is a fools game and the corrupt thugs that run those hell hole countries laugh all the way to Switzerland.

Regards,
GtG

[Bommer]

I say let them do it. We're too stingy!