G-7 Nations Approve Debt Relief Plan

Finance officials from the seven wealthiest countries gave their approval to a debt relief plan for the world’s poorest nations while expressing their satisfaction with overall prospects for the global economy. The debt relief measure, under consideration for two years, is designed to relieve up to $7.7 billion in debts of up to 20 of the most heavily indebted countries, many of them in Africa. As their contribution to the package, the Group of Seven nations pledged to provide debt relief covering up to 80% of the debt they hold individually.