VOICE OF TIFPEC

25.06.2005 um 18:23 Uhr

TIFPEC ALERT!

von: Fredericus

TIFPEC ALERT!

 

Agreeing on Africa, up to a point

Jun 14th 2005
From The Economist Global Agenda



George Bush and Tony Blair have agreed that America will funnel more money towards Africa, and the G8 has reached a deal on broad-based debt relief. But if rich countries are really serious about poverty reduction, they should also curb subsidies that keep out products from the poor world.

WE will rember them!!!

 
IS 2005 the year when Africa finally starts getting the help it needs to pull its inhabitants out of penury? Tony Blair certainly hopes so. The British prime minister has made reducing African poverty the centrepiece of his presidency of the G8. In preparation for the group of rich nations’ summit at Gleneagles, Scotland, which is coming up in July, he has worked hard to secure support from other heads of government for his plan to forgive vast swathes of Africa’s crippling debt burden and pour $50 billion more a year in aid into the continent by 2015.

Already he has had some success. After a long meeting on Tuesday June 7th, Mr Blair and President George Bush announced agreement that sub-Saharan African debt should be cancelled, and money paid into the World Bank’s coffers by rich donor nations in order to make up the loss of the debt-service payments. And on Saturday, G8 finance ministers announced that they had reached a broad-based deal on debt relief. Under the deal, the World Bank, the IMF and the African Development Fund will immediately write off all of the money owed to them by 18 countries—some $40 billion. According to Gordon Brown, Britain's finance minister, another 20 countries could qualify for debt cancellation if they meet targets for good government and corruption-fighting. In total, the agreement could be worth more than $55 billion. Mr Bush has also agreed to disburse $674m more in aid to Africa.