G8 leaders to agree on billion dollar Aids fighting fund

The seven wealthiest countries along with Russia faced contentious problems as they opened their annual summit in Genoa today.

They quickly looked for agreement on at least one area: forming a billion dollar fund to fight Aids and other diseases.

The summit was opening with a working lunch followed by an afternoon session that was to be attended by the leaders of the US, Britain, Japan, Germany, France, Italy and Canada the old Group of Seven that has held an economic summit every year for almost three decades.

Russia, the newest member of the club, was invited to join for evening sessions devoted to global development issues.

This year’s meetings were being held under unprecedented security - Italy assembled almost 20,000 police and military personnel to handle anti-globalisation demonstrations, which were expected throughout the city.

The more militant protesters have vowed to make an effort to breach the six-mile security perimeter of chain-link fences that have been erected around hundreds of narrow streets and alleys near the old port.

Because of the lack of hotel rooms, seven of the eight leaders were staying aboard a luxury cruise liner anchored in the harbour. President Bush, who opted to stay on land, will have a nice view of the ship from his hotel.

UN Secretary-General Kofi Annan, scheduled to be on hand for the unveiling ceremony, has said £5bn to £7bn is needed to address the Aids problem adequately.

Friday’s summit sessions were dedicated to assessing vulnerable spots in the current global economy - a list that certainly will cover a US economy flirting with recession, a Japanese economy probably already in a downturn and growing threats to big emerging economies such as Argentina.

It is struggling to avoid a default on its £93bn in foreign debt.