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Chukchi Salmon
World's Richest Nations Write off USD 40 B of African Debts
With the reduced load of having to deal with loans and interest, will this lead to less conflicts and more concerted efforts to develop the economy while maintaining peace ?World in Brief: 11 June 2005, Saturday.
Finance ministers from the Group of Eight industrialized nations agreed on Saturday to write off more than USD 40 B of African debts. British Finance Minister Gordon Brown said the deal would provide 100 percent write-offs "immediately" for 18 countries and that more countries would qualify for relief later. "This is the most comprehensive statement the finance ministers have ever made on debt and poverty," he told a news conference. "This is not a time for timidity, this is a time for boldness." The accord covered debts to international lending agencies such as the World Bank, African Development Bank and International Monetary Fund.