Monday, September 27, 2004
Britain Intends to Lead by Example
The Guardian newspaper reported that Britain plans to spend approximately $180.2 million more per year to help some of the world's poorest countries with debt relief. The money will be distributed to more than 30 countries to help repay debt owed to the World Bank and African Development Bank. According to Britain's finance minister, Gordon Brown, Britain intends to lead by example. Brown will be attending the annual meeting of the World Bank and International Monetary Fund in October and intends to call on the world's biggest leaders to follow suit.Brown, who is chairman of the IMF's top policy group, will again call for the fund's gold reserves to be revalued to release cash for debt relief. Under a 1971 agreement, the majority of IMF gold is valued at about one-tenth of the current market price. The IMF hold 103.4 million ounces of gold, which is values at 8.5 billion dollars.James D. Wolfensohn, president of the World Bank, said that the U.S. government had discussed a plan with him to cancel poor countries' debt to global institutions.
Britain Intends to Lead by Example
The Guardian newspaper reported that Britain plans to spend approximately $180.2 million more per year to help some of the world's poorest countries with debt relief. The money will be distributed to more than 30 countries to help repay debt owed to the World Bank and African Development Bank. According to Britain's finance minister, Gordon Brown, Britain intends to lead by example. Brown will be attending the annual meeting of the World Bank and International Monetary Fund in October and intends to call on the world's biggest leaders to follow suit.Brown, who is chairman of the IMF's top policy group, will again call for the fund's gold reserves to be revalued to release cash for debt relief. Under a 1971 agreement, the majority of IMF gold is valued at about one-tenth of the current market price. The IMF hold 103.4 million ounces of gold, which is values at 8.5 billion dollars.James D. Wolfensohn, president of the World Bank, said that the U.S. government had discussed a plan with him to cancel poor countries' debt to global institutions.
1 Comments:
At 10:43 PM, DudeWMC said…
I think it's a good idea they spend some instead of watching the U.S. do everything for everyone. For years America has led as an example so it's about time another big country stepped to the plate.
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