G-7 Finance Ministers to Discuss Aid for Poor Nations

Home>>World

Last updated at: (Beijing Time) Saturday, June 15, 2002

G-7 Finance Ministers to Discuss Aid for Poor Nations

Finance ministers from theseven industrialized countries will discuss aid for poor nations and global economy at a two-day meeting scheduled to begin later Friday.

DISCUSSION

CHINESE

SEND TO FRIEND

Finance ministers from theseven industrialized countries will discuss aid for poor nations and global economy at a two-day meeting scheduled to begin later Friday.

According to meeting sources, the ministers will try to resolvea heated debate between Europe and the United States over whether international development aid to African countries should be offered through grants versus low interest loans.

However, it is reported that on the eve of the talks by the finance ministers here, an agreement in the long-running dispute between the United States and European nations over World Bank's financial supports for poor countries was reached.

Under the agreement, 18 to 21 percent of World Bank aid to poornations will be in the grants rather than loans. The figure is farshort of the 50 percent target U.S. President George W. Bush set ayear ago, but U.S. Undersecretary John Taylor called the agreement"a compromise which everyone is seen as win."

The United States has argued that the World Bank, which currently extends almost all its support to the poor nations in the form of loans, should shift to grants that need not be repaid.But European nations objected to this proposal, saying it could affect World Bank's future, unless the rich countries, including the U.S., increase their aid.

The G-7 finance ministers from the United States, Britain, Canada, France, Germany, Italy and Japan will meet later today at World Trade Convention Center in the downtown of Halifax, the capital Canada's eastern Nova Scotia Province. Representees of World Bank, the International Monetary Fund and Russia will also attend the meeting.

Questions?Comments? Click here

G-7 Unveils Action Plan to Combat Terrorist Financing

G-7 Pledges Actions to Lift Global Economy off Terror Attack Aftermath

G-7 Vows to Screw Down Sanctions on Terrorist Financing

World-Class Dream for China's Railways ( 5 Messages)

Two S.Korean Girls Run Over by US Armored Vehicle ( 3 Messages)

China's Annual Mineral Exports, Imports Tops US$100 Billion ( 11 Messages)

Taiwan Media Reveals US Submarine Sale to Taiwan ( 47 Messages)

Japan Covets Southeast Asia, Diplomatically and Militarily: News Analysis ( 16 Messages)