In 2005, world leaders agreed to cancel US$50 billion of the debt of the world’s poorest countries.

Many debts continue from the 1970s and 1980s, when countries borrowed heavily. The debt burden for many is now unmanageable. Natural disasters, civil wars, and corruption have made the problem worse.

Cancelling this debt will benefit up to 43 poor countries around the world. It will help get millions of children into school, and anti-retroviral drugs to people with AIDS. In Zambia, thousands of people are getting basic health care for free.

And the UK led the international campaign to write off US$18 billion of debt for Nigeria, where 75 million people live in absolute poverty. This is the largest debt cancellation ever seen in Africa. Nigeria is now turning the corner after decades of bad government. Debt relief will pay for up to 120,000 more teachers and get up to 3.5 million more children into school.

The UK is pushing to cancel debt for the world’s poorest countries that are committed to using the savings to reduce poverty.