G8 extends debt relief programme

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G8 extends debt relief programme

On the last day of their summit, G8 leaders have agreed to extend a debt relief scheme for the world's poorest countries by two years.
The initiative, managed by the IMF, provides support to 27 nations, mostly from Africa, but was due to expire at the end of this year.

But there has reportedly been no agreement on a British proposal to cancel all debts owed.

Earlier the group called on Sudan to disarm militias in western Darfur.

Blaming the rebels for massive human rights violations, they urged both sides to respect the ceasefire.

Poverty trap

Earlier the G8 leaders, meeting on Sea Island off the coast of Georgia, met with six African leaders - from Algeria, Ghana, Nigeria, Senegal, South Africa and Uganda - to discuss a plan to train 75,000 peacekeepers for Africa, and programme to co-ordinate research to find a vaccine for HIV/Aids.

Africa remains the only part of the developing world no better off than it was 25 years ago.

This is despite many initiatives in past decades - from the Brandt Commission and Live Aid in the 1980s to more recent efforts such as Washington's Aids fund and Africa's own Nepad partnership.

Growth rates and life expectancy are falling and poverty is growing amid the Aids epidemic and continuing war, corruption and bad governance.

Per capita income in sub-Saharan Africa is now estimated to be $200 lower than in 1974.

Twenty-three of the 27 countries that have qualified for debt relief under the so-called Heavily Indebted Poor Countries (HIPC) initiative are in Africa.

Human rights violated

Originally conceived as a way to relieve $100bn of debt for countries that have sound government, the plan has in fact only cancelled $31bn so far.

http://news.bbc.co.uk/1/hi/world/americas/3796009.stm
 

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