Industrial countries write off Africa’s debt

Rich nations of the Group of Eight (G-8) have formally acceded to a long-standing demand of poor countries by offering to write off $40 bn in debt to multilateral institutions. The decision, taken at the G-8 Summit in July, covers the debt that 18 countries — 14 of them African — owe to the World Bank, the International Monetary Fund (IMF) and regional development banks such as the African Development Bank. Anti-debt campaigners, however, have criticized the move as too little relief, too late and worry that it will be riddled with many new conditions.