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Wealthy Nations Ok Debt-Relief Plan

Sun., Sept. 29, 1996

Finance officials from the seven wealthiest countries gave their approval Saturday to a debt relief plan for the world’s poorest nations while expressing their satisfaction with overall prospects for the global economy.

The debt-relief measure, under consideration for two years, is designed to relieve up to $7.7 billion in debts of as many as 20 of the world’s most heavily indebted countries, many of them in Africa.

As their contribution to the package, the seven wealthy industrial countries pledged to provide debt relief covering up to 80 percent of the debt they hold individually.


 
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