The European Parliament called on Thursday on the international community to gradually cancel debt owed by the developing nations, adding that solidarity should go beyond responding to humanitarian crises. "All creditors and especially international institutions and national governments, must agree to phase out the debt of the developing world, giving least developed countries priority," lawmakers said in a non-binding resolution.
The deputies urged the European Union members, in particular, "to take the lead, in multilateral and bilateral fora, in phasing out the external debt of the developing countries".
They also suggested the EU states "actively pursue the objective of giving 0.7 percent of the GDP as Overseas Development Assistance".
On Tuesday, Finance Minister Gordon Brown of Britain, which currently heads the Group of Eight industrialised nations, called on G8 partners to cancel debt owed by the world's poorest countries, which he did not name.
The EU lawmakers took note of measures to suspend debt owed by the countries hit by the South Asian earthquake and tsunami on December 26, but added, "International solidarity should not depend on tragic events."
On Wednesday, the Paris Club of state creditors offered an immediate and unconditional freeze on debt repayments for Indonesia, Sri Lanka and The Seychelles.
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