Finance ministers from the Group of Eight are meeting in Germany discussing issues including the weakness of the US dollar and whether hedge funds need a code of conduct. Ministers from several African countries joined their counterparts from Britain, Canada, France, Germany, Italy, Japan, Russia and the US.
They are also talking about topics related to aid for Africa and debt relief. That is one of the focuses of anti-globalisation protesters like Martin Hoffman of Attac. He said: “There are good reasons why one should cancel these countries’ debts. On the one hand many countries find it impossible to repay them, and on the other hand there is no reason to pay the debts back to the lenders because the situations under which those debts were incurred were not just. Therefore the debts are not legitimate.”
Host Germany is proposing a G8 action plan for targeting better financial governance in Africa to raise the continent’s long-term sustainability.