The United States and Britain have agreed on the details of a proposal to wipe out the debts owed by 18 of the world's poorest countries, the White House said on Friday. "They (the United States and Britain) have now worked out the details of that proposal and they're discussing that with the G8 finance ministers in London today," White House spokesman Scott McClellan said. The plan was outlined earlier this week by President George W. Bush and British Prime Minister Tony Blair after their meeting in Washington. "It (the U.S.-British agreement) is consistent with what we'd said earlier in the week. The proposal will cancel 100 percent of the World Bank, African Development Bank and IMF debt, and calls on all countries to cancel their bilateral debt for the 18 immediately-eligible countries that have already met the full requirements," McClellan said. Other countries would benefit "as they fulfill the requirements of the program," including improving governance, reducing corruption and completing an IMF economic program, McClellan added. --SP 2318 Local Time 2018 GMT
