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Unlimited Guardian | Today's issues | Debt relief Network guideNetwork homeUK latestWorld latestAudioSpecial reportsThe GuardianNet newsThe weblogThe wrapArchive search---------------------MediaGuardianFootballCricketFilmBooksEducationWorkShoppingJobsMoneyLifeonline---------------------CrosswordWeatherTV listingsWeb guidesNotes & QueriesInformationEvents / offersTravel offersStyle guideHelp / contactsContent distribution----------------------The ObserverGuardian WeeklyMoney Observer Tools Text-only version Send it to a friend Read it later See saved stories Search this site Go to... The issue explained archive Recent issues 3 Oct 2000 The Middle East peace process 29 Sep 2000 Where does the Danish euro vote leave Britain? 28 Sep 2000 Asylum seekers' vouchers 26 Sep 2000 The Lockerbie trial 25 Sep 2000 London's underground 22 Sep 2000 News at Ten 21 Sep 2000 GM food protests 20 Sep 2000 Bernie Ecclestone 18 Sep 2000 Government's response to oil crisis 14 Sep 2000 Stock exchange mergers Debt relief As leaders from the world's seven richest countries and Russia meet at the G8 summit in Okinawa, Japan, Mark Tran and Charlotte Denny explain the glacial pace of debt relief Mark Tran and Charlotte Denny Friday July 21, 2000 What did the G8 promise on debt relief? At the Cologne summit last year, the G8 promised to write off 70bn of debt owed by the world's poorest countries, with 25 countries to begin the debt relief process by the end of 2000. But with five months go to, only nine have qualified and only 7bn of the 70bn has been delivered. And the 7bn had already been agreed under existing debt-cutting agreements. When did the ball get rolling on debt relief? Non-governmental organisations such as Oxfam have been putting pressure on governments and international financial institutions for years. In the mid to late 90s, the World Bank, under president James Wolfensohn, accepted the idea of debt relief and started pushing the idea. The International Monetary Fund went along after some initial reluctance. Britain has been at the forefront of debt relief, with John Major's Tory government very active on the Why issue. has it taken so long to implement debt relief proposals? Poor countries must prepare detailed plans for the IMF and World Bank, explaining how they will spend the money. But they lack the expertise to draw up such proposals and the process is taking much longer than expected. Many countries have been tempted to ask staff from Washington financial institutions to write anti-poverty plans which will satisfy the fund and the bank. Any other reasons? The IMF and the World Bank are demanding more reforms. For example, the IMF demanded that Honduras include plans to privatise its electricity sector. Some of the countries on the list are in conflict, and G8 countries are reluctant to see money to being spent on weapons rather than social programmes. Isn't there a problem with funding debt relief proposals? Yes. In Cologne, the G8 promised large sums for a special trust fund to help cover the debts owed to the World Bank and the IMF. But the richest nations have been slow in putting their money where their mouths are. The US promised 400m, but congress has rebuffed President Bill Clinton's request for the money. In time-honoured fashion, the EU and Japan are using this as an excuse to delay their own contributions. Any proposals for breaking the logjam? Oxfam has suggested that any country prepared to put the savings from debt relief into a fund for spending on social programmes such as health and education should have the money immediately. Another possibility is to drop the requirements for countries to prepare detailed anti-poverty plans before they get their loans cancelled. How much of a drain are debt payments? Tanzania, for example, has had its debt interest payments reduced by just under 20% over the next three years, so it will be paying the west an annual average of 100m in 2001-3. That is still considerably more than the 59m Tanzania spends annually on basic education. Meanwhile, Tanzania is one of the few countries in the world where illiteracy is rising. Useful links Debt relief: Special report World Bank IMF Jubilee 2000 UK Oxfam Guardian Unlimited Guardian Newspapers Limited 2000

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