Saturday, 11 June 2005

G8 relieve debt of poor nations

G8 finance ministers (including Gordon Brown) have agreed to cancel the debt of many of the world's poorest countries.

'Announcing the deal at a meeting of G8 finance ministers in London, the UK's Gordon Brown said now was "not a time for timidity but a time for boldness".'

I applaud this move. Alleviating poorer nations of debt will allow them concentrate greater funds in order to help their own people.

As a libertarian, I'm no fan of state-administered aid. Nonetheless, I believe this act by G8 finance ministers will permit poorer nations to help themselves. What's also needed are the abolition of tariffs and non-tariff barriers, so African countries can trade freely within Western markets.