On 11 June 2005 the finance ministers of the G8, i.e. the eight most industrialised countries in the world, announced, in a flurry of publicity, an allegedly historic agreement: the cancellation of the debt 18 poor countries owe to the WB, the African Development Bank (AfDB), and the IMF, i.e. some USD 40 billion. 20 other countries might in due time also benefit from a similar generosity, taking the total amount to USD 55 billion. It may seem strange that G8 leaders, who are so keen on "good governance" and "transparency" in others, should thus decide to cancel debts held by the WB, the AfDB and the IMF without consulting these three institutions. And indeed several industrialised countries that do not belong to the G8 soon reacted and questioned the decision.
* Read more about the G8 debt scam at http://www.eurodad.org/articles/default.aspx?id=628