G8 announces massive debt relief to third world
Pop the champagne bottles! The G8 financial summit just agreed to completely cancel all foreign debts, of at least 18 nations, possibly more, owed to IMF, the World Bank and the African Development Fund. It´s true! I heard it from the lips of Gordon Brown, the UK financial minister himself, just two minutes ago.
The 27 countries who are eligible for debt relief under the HIPC (highly-indebted poor countries initiative) and the 18 who have reached completion point in bold: Benin, Bolivia, Burkina Faso, Cameroon, Chad, Democratic Republic of Congo, Ethiopia, Gambia, Ghana, Guinea, Guinea Bissau, Guyana, Honduras, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Sao Tome Principe, Senegal, Sierra Leone, Tanzania, Uganda, and Zambia.
The 11 countries who theoretically qualify for debt relief but have not been allowed to join so far are: Angola, Burundi, Central African Republic, Ivory Coast, Comoros, Congo, Liberia, Burma, Somalia, Sudan, Togo.
Jubilee Debt Campaign argue that the figures show that another 24 countries qualify as needing full debt relief if they are to have the resources necessary to meet the Millennium Development Goals: Azerbaijan, Bangladesh, Cambodia, Equatorial Guinea, Eritrea, Georgia, Haiti, India, Indonesia, Kenya, Korea, Kyrgyz Republic, Lesotho, Nepal, Moldova, Nigeria, Pakistan, Sri Lanka, Tajikistan, Uzbekistan, Vanuatu, Vietnam, Yemen and Zimbabwe.
This is wonderful. People have been working for this for so long, and now it seems to finally be happening. For once the world seems to moving in the right direction.