Britian to Pay Off Third World Debt to W.B. and I.M.F.

The Article "Britian Offering to Pay Off 10% of Third World Debt," by Alen Cowell, discusses Britians plans to pay off 10% of the third world debt to the World Bank, and the International Monetary Fund. The estimated 180 million dollars in aid that Britian is going to pay is an effort to strengthen the finacial flexability of these poor countries. Mr. Gordon Brown, the Chancellor of the Exchequer, who announced Britian's plans earlier Sunday is also asking the I.M.F. to revalue their gold reserves and use the increased value to help pay off some of the third world debt that is owed.

Mr. Brown is challenging other countries to follow in the footsteps of Britian and also help pay back some of the debt owed by these unfortunate countries. Mr. Brown stated in his announcement that many of these countries have to choose between paying off debt or using the money to help their country in a humanitarian way. The 180 million in aid is apparently part of Britian's Developement Budget.

The article can be seen here.