US identifies extra 24 countries for funding

The US House of Representatives has voted to expand the number of countries eligible for debt relief.

An extra 24 countries have been identified for potential future funding. Nine nations which owe billions of dollars to the World Bank and International Monetary Fund will be eligible for immediate relief.

Fifteen others will receive funding based on further reforms which stipulate certain conditions such as committing to reducing poverty, holding free elections and rejecting human rights violations.

The new legislation allows the US administration to begin talks with international financial institutions allowing the new countries to receive debt cancellation.

Nations currently divert funds from health and education to repay loans taken out with the large international banks, reports Associated Press.

House speaker Nancy Pelosi told the news agency it was necessary to take action "to eliminate some of the factors that contribute to the fury of despair that leads to violence that makes the world less safe".

The World Health Organisation recently set up the South East Asia Regional Health Emergency Fund to provide financial assistance to the region in the wake of a natural disaster.