| Home | News| Living in China| MMS | SMS | About us | Contact us|
 Language Tips > VOA Normal speed news

World Bank, IMF endorse $40 billion debt relief for poorest countries
Barry Wood


World Bank, IMF endorse $40 billion debt relief for poorest countries Listen to this story

Gordon Brown, Britain's chancellor of theexchequer, is pleased that the deal he sponsored and worked on for many years is now becoming a reality.

"Agreement is now reached on all the elements. The managing director has informed the committee that he will now call the executive board together to complete its approval of the arrangements to deliver debt relief by the end of 2005."

Trevor Manuel, South Africa's finance minister, Sunday announced that the World Bank had joined the International Monetary Fund in endorsing the debt reduction agreement.

"I think we can all say thank you very much to the World Bank and the IMF. The development committee  is satisfied as is reflected in the communiqué that those agreements are met."

New World Bank president Paul Wolfowitz, agreed that the debt reduction accord is a significant achievement.

"The high point of the meetings is the historic endorsement provided by both the development committee and the IMFC of the G8 proposals to cancel 100 percent of the debts of some of the world's poorest countries," he says.

For the first time, official debts to the IMF and the World Bank are being canceled with the financialshortfallbeing made up by fresh contributions from rich countries. The debt deal was initialed last July at Gleneagles, Scotland at the summit of the leaders of the Group of Eight industrialized countries.

The G8 includes the United States, Japan, Canada, Britain, France, Germany, Italy and Russia.


exchequer: the funds of a government or institution or individual(国库,财政部)

shortfall: the property of being an amount by which something is less than expected or required(不足)

Go to Other Sections
Story Tools
Copyright by chinadaily.com.cn. All rights reserved

None of this material may be used for any commercial or public use. Reproduction in whole or in part without permission is prohibited.