Vatican welcomes G8 decision
The Vatican today welcomed the decision of the world’s wealthiest countries to forgive more than £20bn (€30bn) in debt owed by poor nations and called on the rich to follow up by increasing development aid.
The Vatican’s Pontifical Council for Justice and Peace also said countries that had their debt cancelled should now use the freed up money to “bring about real and sustainable development opportunities” such as clean water, sanitation, health care and education opportunities.
Finance ministers from the Group of Eight industrialised countries agreed Saturday on the historic deal to write off more than £20bn of debt – part of a British-led effort to lift Africa out of poverty.
The Council for Justice and Peace praised the initiative as “a clear sign of the solidarity that people of developed nations must have for those living in developing countries.”
But the council, headed by Cardinal Renato Martino, the Vatican’s former UN envoy, added that an increase in development aid must follow, particularly since wealthy countries routinely pledge to increase aid but don’t follow through.
“It is not enough to simply wipe away the debt,” a statement from Martino’s office said. “Developed countries cannot continue making empty promises and agreeing to development programs that will not be carried out.”
