G-7 & Debt Relief

GUESTS: C. FRED BERGSTEN Director, Institute for International Economics (Washington, DC) VEENA SIDDHARTH Global Advocacy Director, OxFam International Oxfam's Specialist on Debt Relief for Poor Countries In Cologne, the Group of Seven Summit has pledged to cancel a substantial portion of the debt owed by the world's poorest countries. The plan would reduce the debt burden for as many as 33 countries, which jointly owe the IMF and World Bank about 127 billion dollars. The savings generated by the debt relief program would be steered mainly towards health and education programs. The plan is a historic step to alleviate poverty and promote prosperity in developing countries. Ray and guests talk about the debt relief initiative and its implications for the global economy.

Copyright © 1999 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

Copyright © 1999 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.



Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.