G7 Finance Ministers Cancels Africa's Debt

The meeting of G7 finance ministers yesterday scrapped 100 percent of debt owed by the world's poorest nations to the World Bank, the African Development Bank, and the International Monetary Fund. The US$40 billion deal benefits 14 countries in Africa. The deal was reached as part of series of meetings and policy discussions leading to the next month's G8 summit in the UK.

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