UK to Propose Paying Off Nations' Debt
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Britain is prepared to write off a portion of debts owed by poor nations, and will challenge other rich countries to do the same, officials said Saturday.
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A US Treasury Department spokesman on Monday gave a positive, though muted, reception to a British proposal to ease the debt of heavily indebted poor countries, which was unveiled over the weekend.
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Finance ministers from the Group of Seven industrial nations said Saturday they were willing to provide up to 100 percent debt relief to the world's poorest nations, but insisted that developing countries ensure the money would be spent wisely.
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Rich countries are likely to back Britain's bid to channel more debt relief and resources to Africa, which is ready to shake off the shackles of poverty, British finance minister Gordon Brown said.
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Campaign groups welcomed a commitment by Britain to write off debts owed by the world's poorest nations to the World Bank, a move they said should pressure other Group of Seven rich countries to follow suit.
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Britain may start requiring residents to pay deposits when their non-European Union family members visit Â refundable only when the relatives go home, Â according to a government proposal aimed at tightening borders and eliminating illegal immigration.
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Africa's debt must be completely written off if the continent is to have a chance of meeting international goals on reducing poverty, a United Nations body argued on Thursday.
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BRIGHTON, England  - Britain will provide more debt relief for the world's poorest countries and challenge other rich countries to do the same, Prime Minister Tony Blair's government said Sunday.
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British public borrowing is set to rise and the government will need to raise taxes or reduce spending to decisively cut the deficit, the Organisation for Economic Cooperation and Development said yesterday.
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Britainâs buoyant borrow-and-spend era may be coming to an end, and there are accounts still to be settled.
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UK Chancellor of the Exchequer Gordon Brown said no deal has been reached on how to clear the debts of the world&#39;s poorest nations, a debate that has divided the UK and US governments.
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The Government is poised to divert an extra Â£100 pounds a year of financial aid relief to help some of the world&#39;s most impoverished countries deal with interest payments and perennial debt, according to press reports.
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LONDON, Feb 2 (IPS) - Bold new proposals for debt relief for the poorest  countries will be put to the test at the G7 finance ministers  summit in London this weekend.
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The G7 group of industrialised states, led by the UK, is set to back a moratorium on debt repayments from countries hit by the Asian tsunami.
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Russia is considering an early repayment of its debt to the Paris Club group of rich lending nations.
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Chancellor Gordon Brown will outline his plans to increase aid to developing countries and eliminate their debt.
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The world's richest nations are likely to agree to freeze debt repayments for nations devastated by the Indian Ocean tsunami, according to Britain's treasury chief.