JAPAN: WEALTHY NATIONS AT PRE-G8 SUMMIT GATHERING ARE UNDER PRESSURE TO KEEP PLEDGES MADE AT LAST YEAR'S MEETING

Record ID: 343200

  • Title: JAPAN: WEALTHY NATIONS AT PRE-G8 SUMMIT GATHERING ARE UNDER PRESSURE TO KEEP PLEDGES MADE AT LAST YEAR'S MEETING
  • Date: 20th July 2000
  • Summary: TOKYO, JAPAN (JULY 20, 2000) (REUTERS) 1. SLV EXTERIOR AKASAKA PALACE 0.07 INTERIORS:- 2. MV SOUTH AFRICAN PRESIDENT THABO MBEKI ARRIVES AND SHAKES HANDS WITH JAPANESE PRIME MINISTER YOSHIRO MORI 0.20 3. SCU NIGERIAN PRESIDENT OBASANJO SHAKES HANDS WITH MORI 0.30 4. MV U.S. TREASURY SECRETARY LARRY SUMMERS ARRIVES SHAKES
  • Embargoed: 4th August 2000 13:00
  • Keywords:
  • Location: TOKYO, JAPAN
  • Country: Japan
  • Reuters ID: LVADR24ZT0S4DMOV5IJOQ3TYAMCU
  • Story Text: At a pre-G8 summit gathering in Tokyo, the world's
    wealthiest nations have come under pressure to keep pledges
    made at last year's meeting to reduce the debt cycle of
    developing nations.

    The world's big powers came under pressure in Japan on
    Thursday (July 20) to keep their pledge to break the cycle of
    debt and poverty that prevents poorer countries from reaping
    the rewards of globalisation.

    Developing countries are making a plea for debt relief
    to their advanced nation counterparts at the talks -- the
    first such dialogue linked to the annual Group of Eight (G8)
    summit which begins on Friday (July 20).

    Anger is rising in Africa and elsewhere over unkept
    promises.

    One year ago, the G8 announced a 100 billion (usd)
    package of debt relief by the end of 2000 for about 40 of the
    poorest nations, or Highly Indebted Poor Countries (HIPCs),
    most of them in Africa.

    A year later, hardly any of that relief has been
    delivered, and anger is rising in Africa and elsewhere over
    unkept promises.

    Critics have attacked the tough terms laid down by the
    International Monetary Fund (IMF) for countries to qualify as
    a key problem with the debt write-off programme.

    Creditors' reluctance to stump up the cash has been
    another barrier to progress.

    Budget rows with Congress have blocked debt relief
    pledges by U.S. President Bill Clinton and the European Union
    has delayed releasing unspent funds earmarked for relief until
    it sees concrete action from Washington.

    Thai premier Chuan Leekpai, South African President
    Thabo Mbeki and Algerian President Abdelaziz Bouteflik have
    joined Nigerian President Obasanjo and the big power leaders
    in Tokyo in the search for ways out of the developing debt
    bind.

    Conspicuous by his absence from Thursday's talks in
    Tokyo is U.S. President Bill Clinton, who delayed his
    departure for Japan to try broker a Middle East peace accord.

    Treasury Secretary Larry Summers stood in for Clinton at
    the talks.


  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
  • Usage Terms/Restrictions: None
Register