Vatican hails G-8 decision to cancel debt, urges more development aid

Published: 2005-06-14

VATICAN CITY (CNS) -- The Vatican hailed an agreement by the world's richest nations to cancel $40 billion of debt owed by some of the world's poorest countries, but said the move should be followed by an increase in development aid. A statement June 14 by the Pontifical Council for Justice and Peace said the debt cancellation should be "the first of many steps" taken to brighten the future of the world's poor. On June 11, finance ministers from the Group of Eight industrialized nations -- the United States, Britain, Japan, Canada, Russia, Germany, Italy and France -- met in London and agreed on the debt write-off package. Eighteen poor countries, most of them in Africa, will benefit immediately from the debt cancellation. The plan could eventually be extended to 20 other countries if they submit economic adjustment programs.

Copyright (c) 2005 Catholic News Service /U.S. Conference of Catholic Bishops. The CNS news report may not be published, broadcast, rewritten or otherwise distributed, including but not limited to such means as framing or any other digital copying or distribution method, in whole or in part without the prior written authority of Catholic News Service .