Japan Readies $65-Billion Package of Debt Relief and Aid to 3rd World
Prime Minister Sousuke Uno left today for the economic summit in Paris, where he will pledge more than $65 billion in debt relief and environmental aid for developing nations, a government official said.
A Finance Ministry official, who spoke on condition of anonymity, said much of the assistance would be in the form of loans, some with easy terms.
The loans would be designed to help debt-ridden countries restructure old loans as a way to reduce debt payments. The approach reflects support for U.S. Treasury Secretary Nicholas F. Brady’s Third World debt reduction plan.
The Finance Ministry official said $500 million would be set aside for projects to protect the environment.
The three-day summit of major industrialized democracies begins Friday. Before the start, Uno is to meet with officials from the other participating nations--Britain, Canada, France, Italy, West Germany and the United States, the Foreign Ministry announced.