G-8 finance ministers agree to a deal on debt relief.

(From China Post)

Finance ministers from the globe's richest countries agreed Saturday on a historic deal to cancel US$40 billion (euro33 billion) worth of debt owed by the world's poorest nations.

Britain's Treasury chief Gordon Brown said 18 countries, many in sub Saharan Africa, will benefit immediately from the deal to scrap 100 percent of the debt they owe to the World Bank, the International Monetary Fund and the African Development Bank. Up to 20 other countries could be eligible if they meet targets for good governance and tackling corruption, leading eventually to a total debt relief package of more than US$55 billion (euro45 billion).

"The G-8 finance ministers have agreed 100 percent debt cancellation …