G8 finance ministers agree debt cancellation deal

British Chancellor Gordon Brown today confirmed that G8 finance ministers have agreed a deal to cancel 100% of debts owed by dozens of poor countries.

He said the agreement by ministers was the most “comprehensive” ever on poverty and confirmed that debts totalling more than €60bn are to be cancelled.

Mr Brown said that 18 countries would benefit immediately from the decision, with others to follow later.

He said: “It is not a time for timidity, but for boldness.”

Mr Brown said ministers had also discussed new efforts to tackle Aids, and would attempt to ensure ``universal access'' to Aids treatment by 2010.

He said that they would promote more international research on treatment, and intend to have a report on development of new approaches completed by the end of the year.

The Chancellor said discussion had also centred on world trade and claimed ministers acknowledged changes were needed to allow poorer countries to compete.

“We are moving closer to achieving greater trade justice for the world as we move towards Gleneagles,” said Mr Brown.

He said the commitments outlined today represented a “new deal” between the rich and poor of the world.