US and Britain deal over Africa debt write-offs

The US and Britain have reached an agreement on how the billions of dollars that the world’s poorest nations owe to international lenders can be erased, removing the last impediment to an accord long sought by the richest nations, The New York Times reported today.

Treasury Secretary John Snow and Chancellor Gordon Brown will present their proposal to a meeting of the finance ministers of seven of the Group of 8 industrial nations today in London, the Times quoted a senior US official as saying.