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G7 Willing to Cancel Debt for Poorest Nations


Britain says finance ministers from the Group of Seven industrial nations have expressed a willingness to cancel up to 100 percent of the debt of the world's poorest nations.

Britain's Treasury chief Gordon Brown said at the close of the G7 summit in London Saturday, that debt relief would be decided on a case-by-case basis.

Britain had also pushed for the G7 to support London's plan to double international aid to the developing world. But the United State rejected that proposal.

U.S. Treasury Undersecretary John Taylor told BBC radio the plan did not fit into the U.S. budget process.

Britain's International Development Secretary Hilary Benn promised to push ahead with the plan, saying a solution will be found by 2006 with or without the United States.

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