Britain proposes paying off part of poor nations' debt

LONDON (AP) -- Britain is prepared to write off a portion of debts owed by poor nations, and will challenge other rich countries to do the same, officials said Saturday.
Treasury chief Gordon Brown intends to announce his plan today in a speech to a "Vote for Trade Justice" event at a church in Brighton, the coastal town where the governing Labour Party is holding its annual conference, according to Press Association, the British news agency.
Britain holds about 10 percent of the total debt owed to the World Bank and other development banks, or about 7 percent of all the debt of the world's poorest nations.
The Guardian newspaper reported Saturday that Brown would announce that Britain was prepared to spend at least $180 million to help meet the payments owed by more than 30 nations.
Brown has decided that Britain will act alone to pay a share of the debt even if there is no broader international agreement, the newspaper said.
"Because the poor cannot wait, we intend to lead by example by paying our share of their payments to the World Bank and the African Development Bank," The Guardian quoted his speech as saying.
It quoted Treasury officials as saying Britain's share of this debt was about 7 percent of the total, but the government was willing to fund a 10-percent write-off.
Copyright 2004 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.