Associated Press

London, February 6:

The world’s seven wealthiest nations pledged to increase Third World debt relief, but failed to agree on a British plan to boost international aid by $50 billion a year.

G7 finance ministers said yesterday they were willing to pay up to 100 per cent of the crippling interest repayments owed by poor countries — effectively wiping out their debt.

“It is the richest countries hearing the voices of the poor,” said Britain’s Treasury chief Gordon Brown, hailing the London gathering as a breakthrough.

“It is the first time that as much as 100 per cent debt relief has ever been detailed in a G7 communique.”

After running into US opposition, however, Brown failed to secure backing for his plans

to double international aid by raising funds on the world capital markets.

France, Germany and Italy backed his International Finance Facility, but the United States

said the plan did not meet US budgetary rules.