Welcome to the Jubilee Scotland G8 Watch.

This is an opportunity for you to have your say on issues surrounding debt and the G8 in 2005. Debt cancellation was high on the agenda at the G8 summit in Gleneagles, but what was the result for Africa and the heavily indebted poor countries?

This is a chance to discuss a range of issues on debt, to find out what it has meant for Africa and what still needs to be done

Resources on the G8 Debt Deal
Introduction to debt and the G8 Summit
Facts behind the G8 debt deal
NGO Assesment of G8 debt deal

QUESTION

Is the G8 Debt Deal something to celebrate?

The Gleneagles G8 announced "100% debt cancellation" for sixteen African countries. The deal picks the countries which have already had some debt relief from the G8, and cancels all their debts to the World Bank and International Monetary Fund (IMF). The sixteen countries that qualify for the deal should have their debts reduced by up to half...
...but they will also see a reduction in the aid they get from the World Bank.

To qualify for the deal, countries have to prove to the IMF that they will use the debt relief to fight poverty. They also have to agree to run their economy in the way that is approved by the IMF.

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