Hosting Blair at the White House on Tuesday, Bush said the US and the UK are developing a proposal for the upcoming Group of Eight (G8) Nations Summit to eliminate the debt in a way that will “preserve the financial integrity of the World Bank and the African Development Bank.”
The G8 comprises Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and Russia.
“Highly indebted developing countries that are on the path to reform should not be burdened by mountains of debt,” Bush said.
Bush said the effort to end the suffering and death of millions in Africa is “a central commitment of my administration's foreign policy” and reaffirmed his decision to provide an additional $674-million in humanitarian aid, $414-million of which will be used immediately to try to avert famine in the Horn of Africa.
However, Bush called upon African leaders to “make the right decisions,” since “nobody wants to give money to a country that is corrupt.”
Blair expressed his hope that a deal will be reached at the upcoming finance ministers' meeting that will cancel 100% of African debt, as well as commit additional funding necessary to ensure that international financial institutions are not harmed as a result.
The prime minister called for resources to help deal with African trade issues, diseases such as HIV/Aids, and regional peacekeeping efforts.
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