G8 plans on ‘historic’ debt relief deal

Agence France Presse

London, June 11:

Group of Eight finance (G8) ministers were Saturday on the brink of sealing an “historic” deal to write-off multilateral debt worth billions of dollars owed by the world’s poorest countries.

“The most likely outcome is that we will conclude a deal today,” a European source told AFP.

A source with the German delegation also said, “Discussions are going well. We are certainly getting closer.” Finance ministers from the G8 were aiming to hammer out a deal that would forgive the crippling debt of the world’s most impoverished nations. Chancellor of the Exchequer Gordon Brown, hosting the meeting in London ahead of next month’s G8 summit in

Scotland, said G8 ministers were discussing a deal to immediately write off $40 billion (33 billion euros) of debt owed by 18 countries to the World Bank, the International Monetary Fund and the African Development Bank.