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02/05/2005:

"Brown's hopes dashed at G7"

Britain launched a last-ditch bid to muster support for its plan to rid Africa of poverty despite a flat rejection by the United States in talks among the Group of Seven industrial powers today.

Finance ministers engaged in heated and occasionally angry exchanges late into Friday night but failed to achieve any kind of resolution, sources said as talks went into a second day.

"The Americans are on a different wavelength," German deputy finance minister Caio Koch-Weser told reporters.

British finance minister Gordon Brown wants approval for his International Finance Facility (IFF) scheme to double aid to Africa to $100 billion a year and write off the debts of the poorest countries completely.

The plan has the backing of South Africa's Nelson Mandela who made an emotional appeal to the G7, equating the fight against poverty to the struggle against apartheid.

"Do not delay while poor people continue to suffer," the 86-year-old former political prisoner said putting all his moral weight behind his plea. He demanded a full write-off of African debt and $50 billion extra a year in aid for the next decade.

But without US support the chances of any breakthrough appear remote.

US Treasury under secretary John Taylor yesterday rejected Brown's plan to double existing aid by using rich countries' guarantees to raise money in the capital markets.
Full Article: guardian.co.uk