Finance ministers from the seven richest countries in the world have accepted a debt relief deal, which should include money owed by poor countries to the International Monetary Fund; a move that looks certain to be Britain’s first victory in its battle to eradicate poverty as the G8 chair.
The G8 finance ministers, excluding Russia, will gather in London today to lay down exact details of the package, which is scheduled to be announced officially tomorrow.
British Chancellor of the Exchequer, Gordon Brown has delighted aid groups and humanitarian organisations by insisting that the government would refuse to bow down from its agenda for Africa.
Brown told the Guardian newspaper, "I’m still aiming for 100% debt relief. I'm still aiming for a doubling of aid. I'm still aiming for trade justice. I'm still aiming for all these issues."
On Tuesday, Prime Minister Blair announced a deal after his meeting with US President George Bush. However, the G7 finance ministers have agreed to move beyond these proposals, which only included the debts to the World Bank and the African Development Bank. The new proposals are touted to potentially save poor countries up to £1.1 billion a year in debt repayments.
The topics of increasing aid to the region and creating fairer trade rules were brought up also, as Blair and his government seem determined to bring the world’s focus towards poverty, using Britain’s G8 Presidency to the fullest.
