Debt relief for poor countries

Debt relief for poor countries

The leaders of the G-8 major countries waived all repayments
of loans in official development assistance and largely increased
the number of countries benefiting from the write-offs.

Japan, a large creditor nation in yen loans, resisted the plan
on the grounds that nations should repay their debts.

But Japan's opposition was overcome by the drive waged by
social democratic governments in Europe, which were backed by
non-governmental organizations.

Larger questions remain. How will poor countries take
advantage of the reduction in their indebtedness and how will
they invite capital in the private sector of their economies?
Unless such questions are discussed and answered, the write-offs
could drain the debtor nations' self-reliance.

-- The Asahi Shimbun, Tokyo