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Kofi Annan Disappointed at G-7 Inaction on Debt Relief
United Nations Secretary-General Kofi Annan expressed his deep disappointment at the G-7 failure to provide their promised debt relief to the world's poorest nations.
Leaders of Britain, Canana, France, Germany, Italy, Japan and the United States, the world's most developed seven countries, and Russia are holding their annual summit meeting in Okinawa, Japan from Friday to Sunday.
On Friday, they issued a statement, saying they would strengthen efforts agreed upon in Cologne, Germany, last year to help 41 impoverished countries.
The statement, however, spelled out no specific measures or new plans on how to speed the aiding process.
In a statement issued by the secretary-general spokesman's office, Annan said: "For four years, we have had too many promises and too little action."
Noting in 1999 the G-7 promised to cancel some US$100 billion of debt to some of the world's poorest countries, Annan said: "But thus far only nine out of 41 heavily indebted poor countries have qualified for relief worth some US$15 billion."
"I recognize that there are no simple solution to the debt problem. But where there is agreement in principle that debt relief is essential, and where delays have a profoundly negative impact on the lives of poor people, clearly more must be done," Annan said.
Annan urged all parties to commit themselves to resolving their differences on this vital issue as a matter of urgency.
According to the latest statistics, the world's poorest countries identified by the United Nations as highly indebted poor countries owe about US$200 billion in nominal terms.
Of that, US$60 billion is owed to institutions such as the World Bank and the International Monetary Fund, US$20 billion is corporate debt, and the other US$120 billion is bilateral loans.
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