July 22, 2000
U.N. Secretary-General Kofi Annan on Friday expressed disappointment at the failure of the Group of Seven G-7) most industrialized nations to provide the promised debt relief to poor countries in a timely manner.
Leaders of Britain, Canana, France, Germany, Italy, Japan and the United States issued a statement in Okinawa, Japan, on Friday, saying they would strengthen efforts agreed upon in Cologne, Germany, last year to help 41 poorest nations. The statement, however, spelled out no specific measures or new plans on how to speed the process.
In a statement issued by his spokesman's office, Annan said: " For four years, we have had too many promises and too little action."
Noting that last year the G-7 promised to cancel some 100 billion U.S. dollars of debt to some of the world's poorest countries, Annan said: "But thus far only nine out of 41 heavily indebted poor countries have qualified for relief worth some 15 billion."
"I recognize that there are no simple solution to the debt problem. But where there is agreement in principle that debt relief is essential, and where delays have a profoundly negative impact on the lives of poor people, clearly more must be done," the U.N. chief said.
Annan urged all parties to commit themselves to resolving their differences on this vital issue as a matter of urgency.
According to the latest statistics, the world's poorest countries identified by the United Nations as highly indebted poor countries owe about 200 billion dollars in nominal terms. Of that, 60 billion is owed to institutions such as the World Bank and the International Monetary Fund, 20 billion is corporate debt, and the other 120 billion is bilateral loans.
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