Europe South Asia Asia Pacific Americas Middle East Africa BBC Homepage World Service Education

Front Page



UK Politics







Talking Point

In Depth

On Air

Low Graphics

Monday, September 20, 1999 Published at 19:54 GMT 20:54 UK

Business: The Economy

Brown calls for $1bn debt donation

Debts hinder the economies of some of the world's poorest countries

UK Chancellor Gordon Brown is asking the European Commission to make a "Millennium donation" of £625m ($1bn) to help pay off Third World debt.

World Debt
Mr Brown is calling on Brussels to use the European Development Fund to help relieve the debt burden on the world's poorest countries.

Mr Brown said: "I am going to be proposing that the European Union make a special one-off Millennium contribution which will amount to about $1bn so that we can play our part in removing the burden of debt from the poorest countries in the world."

In a television interview, the Chancellor said: "Money that is going to debt servicing should be going to healing the sick, educating children and relieving poverty".

Mr Brown and International Development Secretary Clare Short are meeting church leaders and campaigners from debt relief organisation Jubilee 2000.

He said: "I think the campaign in this country, led by the churches and others, has highlighted the need for us to make this special contribution - our Millennium contribution - to relieving the poverty that exists around the world.

"I'm sure we'll get a response from the rest of Europe."

BBC News' Ed Crooks:"There is an alternative plan."
Earlier this year, Mr Brown set out a plan to restructure debt and increase aid from the industrialised countries and international charities.

He said the aim was to reduce the overall indebtedness of developing nations by $50bn by the end of next year.

One alternative proposed is to for the International Monetary Fund to sell its gold reserves, raising $2bn.

Fear exists that this could hurt gold-producing countries, such as Ghana and Tanzania. and create more problems than it solves.

Advanced options | Search tips

Back to top | BBC News Home | BBC Homepage | ©

The Economy Contents

Relevant Stories

17 Jun 99†|†UK Politics
Africa's online plea to UK chancellor

17 Jun 99†|†UK
Campaigners urge Third World debt break

09 Jun 99†|†UK Politics
Brown's cash boost for debt relief

18 Mar 99†|†The Economy
Tackling Third World debt

19 Feb 99†|†UK Politics
Brown to cut Third World debt

Internet Links

Jubilee 2000

UK Treasury

Department for International Development

The BBC is not responsible for the content of external internet sites.

In this section

Inquiry into energy provider loyalty

Brown considers IMF job

Chinese imports boost US trade gap

No longer Liffe as we know it

The growing threat of internet fraud

House passes US budget

Online share dealing triples

Rate fears as sales soar

Brown's bulging war-chest

Oil reaches nine-year high

UK unemployment falls again

Trade talks deadlocked

US inflation still subdued

Insolvent firms to get breathing space

Bank considered bigger rate rise

UK pay rising 'too fast'

Utilities face tough regulation

CBI's new chief named

US stocks hit highs after rate rise

US Fed raises rates

UK inflation creeps up

Row over the national shopping basket

Military airspace to be cut

TUC warns against following US

World growth accelerates

Union merger put in doubt

Japan's tentative economic recovery

EU fraud costs millions

CBI choice 'could wreck industrial relations'

WTO hails China deal

US business eyes Chinese market

Red tape task force

Websites and widgets

Guru predicts web surge

Malaysia's economy: The Sinatra Principle

Shell secures Iranian oil deal

Irish boom draws the Welsh

China deal to boost economy

US dream scenario continues

Japan's billion dollar spending spree