The U.S. has resisted a British proposal for wealthy nations to service World Bank debt on behalf of poorer countries, in turn having the poorer countries accepting lower aid levels in the future. The U.S. is practically alone in opposing this bold new round of debt relief. However, if the plan was accepted the World Bank would simply write off those debts. Therefore, the richer nations should rid the third world countries of their debts.
Countries that have paid their debts have increased the income of their poor, while those that have not done so, their poor remain in poverty. Thus if major industrial countries used their own money to repay World Bank loans on behalf of the borrowers, there would be a major cut in the amount of poverty in numerous areas around the world. The much needed money they've been searching for would be there. The jobs, raised wages, and social services would be there.
A large portion of the money the countries "could" be saving would be directed to orphans. Providing a simple meal for these millions perhaps billions of kids would be a start. Clothing their bare bodies and lacing up the shoes on their feet. While protecting them from the chaos on the streets. This money could grant these kids school books and offer them a better future.
Extra money could also help support the treatment of people on anti-retroviral therapy. Sixty-five hundred Africans are still dying everyday of preventable, treatable diseases because of the lack of drugs that other people can buy at any drug store. This extra money could help rid the world of AIDS, malaria, and tuberculosis. These countries urgently need financial help to allow them to respond to these epidemics. If they were rid of their debts, there would be...