Recently, the Chancellor Gordon Brown of the United Kingdom outlined his plan to combat debt in Africa.
These are four of the major points of his plan:
Quote:1. 100% debt relief to pay for education and health
2. Launch International Finance Facility (IFF) for Immunisation
3. Large increase in direct development aid, doubling of aid from European countries
4. Removal of export subsidies and all trade-distorting support to agriculture, which work against producers in the developing world
Currently, George Bush has stated that the IFF "doesn't fit our (US) budgetary process", and the US is concerned that Chancellor Brown's plans involve selling off gold reserves held by the International Monetary Fund (IMF) in order to pay for the debts.
Is this the way forward?
Is the US wrong to be concerned about selling off gold reserves, which have seen a surge in prices leading to extra cash that can be used to pay for the debts?
What are your views on debt relief?
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