Washington Post (06/19/99) P. A1
At the summit meeting of the Group of Seven leading
industrialized democracies on Friday, participants agreed upon
a program that could eliminate up to $90 billion in debts owed
by more than 30 poor nations. The debt relief was contingent
upon the countries directing the savings primarily to
education and health efforts, particularly HIV prevention.
President Clinton noted that the agreement "is an historic
step to help the world's poorest nations achieve sustained
growth and independence while targeting new resources for
poverty reduction, education, and combating AIDS." Under the
Cologne Initiative, the debt burden for some or all of the
world's 33 poorest countries--which totals $127 billion to
industrialized nations and institutions--could be eliminated,
if they meet the program's conditions.