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G8 Finance Ministers Agree to Cancel Debt of World's Poorest Nations


Finance ministers from the Group of Eight industrialized nations have announced agreement on a landmark deal to cancel more than 40-billion dollars in debt owed by the world's poorest nations.

Britain' s treasury chief Gorton Brown announced the accord today-Saturday after two days of talks in London involving the ministers of the world's seven leading industrialized countries plus Russia. He said the deal provides for the immediate cancellation of the debt of 18 countries, most of them in Africa, and possibly nine others at a later time.

The plan covers debts to such agencies as the the International Monetary Fund, the African Development Bank and the World Bank.

G-8 leaders of Britain, Canada, France, Germany, Italy, Japan, Russia and the United States are expected to give final approval to the plan at their summit in Scotland next month.

Information for this report is provided by AP, AFP and Reuters.

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