Finance ministers of one hundred eighty-four countries have accepted a plan to cancel the debts of some of the world's poorest nations. The plan forgives one hundred percent of debts owed to the World Bank, International Monetary Fund and African Development Bank.The policymaking committees of the World Bank and International Monetary Fund approved the plan during meetings in Washington. Leaders of the industrial nations in the Group of Eight agreed on the plan when they met in July in Scotland. The United States is joined in the G-Eight by Britain, Canada, France, Germany, Italy, Japan and Russia.The leaders agreed to cancel about forty thousand million dollars in debt owed by eighteen nations. Most are in Africa. Four are in Latin America. Up to twenty more countries could also be approved for debt forgiveness if they, too, meet conditions. If so, this would increase the total amount of debt cancellation to fifty-five thousand million dollars.
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