Saturday, June 11, 2005

Bono Will Be Happy

And I bet John Paul the Great would be too. From the WashPo:
The world's wealthiest nations agreed today to cancel more than $40 billion in debts that some of the world's poorest nations owe to international lenders -- a move inspired by the belief that full debt forgiveness is necessary to give those countries a chance to escape the trap of hunger, disease and economic stagnation.

The agreement, struck at a meeting in London of finance ministers from the Group of Eight major industrial nations, is the most significant debt-relief scheme yet for poor countries because it cancels the debts that the eligible countries owe to the World Bank, International Monetary Fund and other
multilateral lenders such as the African Development Bank.