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Pledge to waive Africa's debt

WASHINGTON: U.S. President George W. Bush on Tuesday pledged to work with British Prime Minister Tony Blair to forgive the debt of developing African nations, and defended a stance on global warming that is at odds with many of America's allies.

Both leaders pledged that any debt relief deal would include providing additional resources to international financial institutions to replenish their coffers for forgiving the debt.

Mr. Bush said only those ``on a path to reform'' should qualify. ``Nobody wants to give money to a country that's corrupt, where leaders take money and put it in their pocket.'' The leaders hinted at the outlines of the deal-in-progress.

Mr. Bush wants debt relief targeted to countries that commit to open governing and free markets, while Mr. Blair wants to ensure that international organisations such as the World Bank and International Monetary Fund are given back what debt they forgive.

Mr. Bush said, ``Our countries are developing a proposal for the G-8 that will eliminate 100 per cent of the debt and that by providing additional resources, will preserve the financial integrity of the World Bank and the African Development Bank.''

Mr. Bush also promised to provide $674 millions for more immediate African famine relief.

Mr. Bush said African nations ``should not be burdened with mountains of debt''. Mr. Bush said that America now accounts for nearly a quarter of all the aid to sub-Saharan Africa. He said the U.S. will provide $674 million of additional resources to respond to humanitarian emergencies in Africa. — AP

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