G-8 Summit Does 'Too Little' for World's Poor: Kairos
The July summit of the Group of Eight (G-8) leaders fell short of achieving the goal of "making poverty history," according to Kairos, a Canadian ecumenical organization dedicated to social justice, which is calling for the "immediate and unconditional cancellation" of debts owed by all poor countries to international financial institutions.
"Too little was done to write off illegitimate debts or remove the harsh conditions attached to debt relief or to reform the international trading system," said Kairos in a written analysis of the implications of the summit held July 6-8 in Gleneagles, Scotland. "As a result more wealth will continue to be transferred from the impoverished to the affluent than will return in the form of aid."
The summit of the world's richest nations--Britain, Canada, France, Germany, Italy, Japan, Russia and the United States--was supposed to discuss the problems of Africa and climate change, but was instead overshadowed by the London bombings on July 7.
In a prelude to the summit, G8 finance ministers announced on June 11 a plan to cancel debts owed by some low-income countries to global financial institutions such as the World Bank and the International Monetary Fund (IMF).
In the end, the summit ratified an agreement that wrote off $1 billion US in annual debt service payments of 18 of 62 countries needing a one hundred per cent debt cancellation, said Kairos. …