JAPAN TO FORGIVE $3.3 BILLION IN DEBT FOR POOR NATIONS: REPORT

[Robert Weissman <rob@essential.org>]

> JAPAN TO FORGIVE $3.3 BILLION IN DEBT FOR POOR NATIONS: REPORT
> 
> The Japanese government will forgive about $3.3 billion in ODA loans to 
> developing countries at this month's G7 summit in Cologne, reports the Asahi 
> Evening News (p.1). The debt waiver will apply to nearly all the 41 countries 
> identified by the IMF and the World Bank as heavily indebted poor nations,
> the 
> story says, noting that debts owed by four nations-Myanmar, Vietnam, Kenya,
> and
> 
> Ghana-will not be waived for a variety of reasons.
> 
> All G7 members have agreed to exclude Myanmar, the largest debtor to Japan, 
> because of its slow progress towards democracy, government sources said.
> Agence
> 
> France-Presse adds that the Asahi Shimbun said Myanmar was ineligible for the 
> debt relief measure because the country was not ready to accept structural 
> economic reforms led by the IMF.
> 
Information compiled by:

>This summary is prepared by the External Affairs Department of the World
Bank.
>All material is taken directly from published and copyright wire service
stories
>and newspaper articles.
>
>For more news go to
<http://www.worldbank.org/news>http://www.worldbank.org/news
> To subscribe or unsubscribe go to
<http://www.worldbank.org/devnews>