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FESTIVAL NEWS
Clean Slate for World’s Poorest Nations
Have you seen the The Luckiest Nut In The World? Mr. Peanut explains why making trade free can hurt the world's poorest nations. Earlier this summer, the world weathiest nations agreed to cancel more than $40 billion in debts that some of the world's poorest countries owe to international lenders. These drastic relief measures were inspired by the belief that full debt forgiveness may be the only way for those countries to alleviate hunger, disease and economic stagnation. Under the agreement passed in London in early June, 18 nations would receive immediate forgiveness on more than $40 billion that they owe in coming years, a combined savings for those countries estimated at $1.5 billion a year. 14 African and 4 Latin American countries have been given a clean slate and another 11 countries may soon be eligible once they satisfy International Monetary Fund and World Bank requirements for improving their governance and economic policies. Learn more from the Washington Post article, "Debt Cut Is Set for Poorest Nations". Make trade fair through Oxfam America.Published on July 26, 2005
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