Accessibility links

Breaking News

G8 Ministers Close to 'Historic' Deal


G8 Finance Ministers gather in London
Finance ministers from the Group of Eight industrialized nations are moving closer to a landmark deal to cancel debts owed by the world's poorest nations.

G8 officials at the two-day meeting in London say a possible agreement could be reached Saturday. However, officials acknowledge a number of issues are unsettled, including how to decide which countries will receive debt relief.

The United States and Britain are pushing a proposal that would cancel 100 percent of the debt owed by the world's 18 poorest countries to lending institutions such as the World Bank.

Although debt relief tops the agenda, G8 officials also plan to discuss other issues Saturday, including global economic growth and high energy prices, prior to the G8 summit in Scotland in July.

Some information for this report provided by AP and Reuters.