BONO SLAPS MATES ON THE BACK

Bono - the Wall Street financier and property magnate who has a weekend gig as a singer in his own band - has applauded the World Bank's endorsement of the G8 summit decision to wipe out debt for some countries. Bono sees this as job done:

Bono said the plan was a "great day for the poorest people on the planet".

He adds, "This is not a charity issue, this is a justice issue. (The) next injustice to be torn down is the bullying tactics of the World Trade Organisation (WTO)."

However, campaigners who are less close to the US government aren't quite as convinced:

Christian Aid’s debt expert Sony Kapoor said, “The decision will be good news for some, holds hope for others but will disappoint the majority who will not see any debt relief.”

Speaking from the World Bank/IMF meetings in Washington DC, he continued, “In the select group of 18 countries, it will transform lives for the better. Millions will go to school for the first time, be vaccinated against killer diseases and get access to clean water.

“For the other ten or so countries that could qualify by next year, the deal brings hope”.

But he added: “The G8, the Bank and the Fund have forgotten about the more than 100 other poor countries that urgently need their debts cancelled. For them the deal brings disappointment with perhaps a glimmer of hope of further action following this precedent.”

Bono is applauding a deal which leaves 19 out of 20 people in the developing world in extreme poverty. It's great that a really limited step forward has been taken forward for the few, but for Bono to suggest that all the goodwill and desire for change that surrounded Live 8 has been rewarded is to let the World Bank and the rich nations off the hook. The developing world is still running up debt repayments of USD120million a day - yes, the WTO needs to be sorted, Bono, but how about finishing this job as well?

music bono u2 world bank