Clinton rights poverty From Washington correspondent CAMERON FORBES 1oct99 http://news.com.au/frame_loader.htm?/news_content/world_content/4292695.htm PRESIDENT Bill Clinton, calling for the building of a global society that leaves nobody behind, has announced the US will forgive 100 per cent of the debt it is owed by the world's poorest countries if the money is spent on basic needs. Speaking at a joint meeting of the International Monetary Fund and the World Bank, Mr Clinton said it was not enough to reform global financial foundations. He pointed out that 1.3 billion people lived on less than $US1 ($1.53) a day and nearly 40 million people died of hunger every year. "Simply put, unsustainable debt is helping to keep too many poor countries poor and poor people in poverty," Mr Clinton said. "I don't think we can, in good conscience, say we support the idea that they should choose between making interest payments on their debt and investing in their children's education." Earlier this week, the G-7 major industrialised countries finalised a plan to cancel up to $US27 billion in debt owed by the world's 36 poorest countries. Australia's Peter Costello announced a contribution of $35 million. To participate, poor countries will have to show a commitment to reforming their economies and using the funds for development programs, with an emphasis on health and education. The campaign for Third World debt cancellation has been driven by a diverse coalition including Pope John Paul II, English charity Oxfam, the Anglican Church and rock star Bono. The breakthrough came last June when the G-7 agreed to forgive debt. A White House spokesman said the US had initially intended to forgive 90 per cent of the debt owed by eligible nations, but that Mr Clinton had decided to expand the commitment. The pledge has to be passed by Congress. -- Leftlink - Australia's Broad Left Mailing List mailto:[EMAIL PROTECTED] http://www.alexia.net.au/~www/mhutton/index.html Sponsored by Melbourne's New International Bookshop Subscribe: mailto:[EMAIL PROTECTED]?Body=subscribe%20leftlink Unsubscribe: mailto:[EMAIL PROTECTED]?Body=unsubscribe%20leftlink
