G7 plan to rid poor countries of debt falls short of action demanded by Africa

THE Group of Seven wealthy nations have pledged to help rid the world’s poorest countries of their crippling debt, launching a programme that falls short of the immediate action demanded by Africa.

Chancellor Gordon Brown, hosting G7 talks in London at the weekend, failed to secure US backing for his proposals to stump up an extra $50 billion a year for poor countries and to completely write off their debts.

A compromise deal pledged only that the G7 would look at cancelling up to 100% of the debts owed to international institutions by the poorest countries on an individual basis.