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Rich Nations Urged to Spend $25 Billion Yearly on Africa

A panel headed by British Prime Minister Tony Blair is calling on wealthy nations to spend $25 billion a year more to help reverse poverty in Africa.

In a report released Friday, in London and Addis Ababa, Ethiopia, the Africa Commission calls on rich nations to end trade barriers and agricultural subsidies and cancel all debt for poor African countries.

The report also calls on African governments to commit to transparency and to ratify the U.N. Covenant on Corruption. The panel urges developed nations to monitor corruption and reject illicit funds deposited in their banks by corrupt officials from African nations.

Mr. Blair says there is "no excuse, no defense, no justification" for the plight of millions in Africa today.