September 25, 2005

GRANTS, NOT LOANS:

IMF committee backs debt erasure (BBC, 9/25/05)

A deal by the world's richest states to erase debt of up to $55bn (£31bn) owed by the poorest has been backed by one of the main international lenders.

The International Monetary Fund's panel said in Washington it had approved all elements of the deal, which now goes to its twin institution, the World Bank.

Leaders of the G8 industrialised states proposed the move at the UK-chaired summit in Gleneagles, Scotland in July. [...]

The World Bank and IMF meetings are the first Paul Wolfowitz is attending as head of the World Bank since taking up the post in June.

The former deputy US defence secretary has called for increased development aid to lift millions of people out of poverty.

COUNTRIES TO BENEFIT

Benin, Bolivia, Burkina Faso, Ethiopia, Ghana, Guyana, Honduras, Madagascar, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, Senegal, Tanzania, Uganda, Zambia


How does this help Paul Wolfowitz corner the world oil market?

Posted by Orrin Judd at September 25, 2005 10:28 AM
Comments

Horrizontal drilling. Wolfowitz works out deals with these contries, and then his oil pals and Halliburton go in and drill wells that go sideways into nations that do have oil to extract it from the ground (I'm sure part of the secret agreement also includes monopolizing the world's banks and gassing Palestinian babies with the oil profits, but I'm content to wait for all that to come out on DU or Kos' site in the upcoming days).

Posted by: John at September 25, 2005 12:07 PM
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