Nice idea but the world debt picture is far more complicated than this simple jesture suggests. G7 finance ministers must cancel poor countries' debts. However, care must be taken with possible economic backlashes that could send all of us into spiralling debt.

Since 1996, international financial institutions have been implementing a program of debt relief, the initiative on heavily indebted poor countries hipc, prononced "hippic". Click here for a map showing highly- indebted poor countries. Moreover, individual g8 countries have gone further, providing up to 100 per cent relief on bilateral debt. The big global lenders, the imf and world bank, are not; indeed they are pursuing more debt relief. Jubilee usa welcomes world bank approval of debt cancellation deal; applauds banks reversal of policy on additional delays to eligible poor countries. Thirty- eight countries are eligible for debt relief under the hipc highly- indebted poor countries initiative.

The agreement by the world bank and imf, on 31 august, amounts to a total cancellation of $3. Who has the biggest debt problem? Where did the debt come from?Romilly greenhill of actionaid said: "further debt relief is urgently needed. The uk worked very hard to help deliver this fair solution to nigerias debt problems.

It was relatively easy for us to cancel the debt. Any money used to fund this debt cancellation must be additional to current aid. The report, in the balance , cites the 30, 000 children who die each day from poverty through hunger, lack of clean water and disease which debt cancellation could help prevent. Enhanced hipc initiative has to date significantly reduced the debt of 27 countries, and we reaffirm our commitment to the full implementation and financing of the initiative. As a member of the jubilee debt campaign, world vision encourages our supporters to take part in campaign activities. Paris club creditors will write off about 60% of nigerias debt. Q&a: african debt deal uk campaigners' welcome.

The uk worked very hard to help deliver this fair solution to nigerias debt problems. Debt cancellation demanded by campaigners worldwide. Poor countries should not have to sign away their autonomy in exchange for aid and debt cancellation, ” said hepburn. Business late payment.

But without further debt cancellation the world's poorest people will be left further and further behind in an increasingly unequal world. Bad credit scoring. However, only uganda is anywhere near having its debts cancelled. A new eurodad briefing examines the current proposals for further low- income country debt cancellation and spells out how they can best be financed. For more information see www. Jubileedebtcampaign. Org. Uk or www. Jubileeplus. Org. And debt write- off must provide new money, says the jubilee debt campaign and member organisations actionaid uk and christian aid.

Overall, they seem very positive about the need for this cancellation, which should be welcomed. They include large indebted countries like nigeria, india, and indonesia. Of the world's poorest countries owe an unpayable historical debt to the rich world of over $300bn. But debt is only one part of the overall picture. Billion debt cancellation, dfid is in the process of doubling its assistance to nigeria to £100 million. Oxfam is calling on g7 countries to agree to debt cancellation, financed in part by selling some of the imfs gold. If governments don’t comply, cancellation is delayed or withheld.

Actionaid is a member of the jubilee debt coalition in the uk. This will lead to 100 per cent debt cancellation of outstanding obligations of hipcs to the imf, world bank and african development bank. Erase bad credit. This report demonstrates that jdc will continue to press the case for debt cancellation with vigour, commitment, and on the basis of fact. Best mortgage protection. Under the g8 debt cancellation deal, donors committed to reimburse ida for lost reflows as a result of this cancellation. The 18 initial countries, 14 of them in africa, qualify because they have already been through the heavily indebted poor countries hipc debt relief scheme. Q & a: dropping the debt. Issues we work on: debt and aid.