P.M. BRIEFING : Japan to Double Debtor Nations Aid
Japan said today it will more than double the money it is recycling from its huge trade surpluses into aid for needy countries, using some of the $65 billion to help support the U.S. program to ease Third World debt.
Tokyo will also extend the program, increased from $30 billion originally, over five years to 1992 instead of three years ending in 1990, Finance Ministry officials told reporters.
They said the new package is designed to recycle Japan’s huge trade surpluses to developing nations and to support the initiative by Treasury Secretary Nicholas F. Brady to help slash Third World debt. Prime Minister Sosuke Uno is expected formally to unveil the program during the seven-nation economic summit beginning in Paris on Friday.