On June 1 I wrote about my hope that the G8 Nations will soon do what it takes to level the playing field for the world's poorest nations.
On June 7 I posted at InsideWork.net on "The Business of Change."
I'm posting now because the finance ministers of the G8 nations agreed today in London to cancel the debt of 18 Heavily Indebted Poor Countries who have met standards of good governance and anti-corruption measures. Another 20 countries are at the threshold of compliance.
Assuming all 38 come under the debt cancellation umbrella, about 55 billion dollars will be written off by the World Bank, the International Monetary Fund and the African Development Bank. That represents 1.5 billion dollars in yearly payments that can be diverted to disease prevention, health care, education and infrastructure where it's needed most. The conditions of the agreement ensures that's where the money will go.
As far as I'm concerned, that makes this a very good day. We can talk next week about what remains to be done. But not today -- today is for grateful celebration.
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