"Britain's Prime Minister Tony Blair has launched a major diplomatic effort to marshal the resources he sees as needed to eradicate extreme poverty in sub-Saharan Africa. He intends to focus the July 2005 G8 summit at Gleneagles in Scotland, which he will chair, on this initiative. Blair is pushing for a substantial aid increase for Africa through an 'International Finance Facility' (IFF) and 100% forgiveness of poor country debt to the international financial institutions. The IFF would issue bonds to finance an additional $25 billion in annual aid to Africa for three to five years, followed by another $25 billion boost if African governments improve their managerial and administrative capabilities. IFF bonds would be backed by a promise from the G7 leading economic powers to repay them after 2015. Poor country debts to the World Bank and the African Development Bank would also be paid by the G7, while debts to the International Monetary Fund (IMF) would be funded by revaluing or selling IMF gold. Finally, Blair seeks the removal of barriers to Africa's exports."
CRS Report for Congress, RL32796