Last summer, President Bush and other world leaders promised debt cancellation to the world's most impoverished countries. But a proposal before the World Bank this week would needlessly delay cancellation for at least two years from last year's G-8 summit for more than half of those countries eligible.

As world leaders gather in New York, we are still decades away from meeting the modest Millennium Development Goals to halve extreme poverty. A critical tool for achieving these goals is debt cancellation. A recent study by U.K. charities found that at least 62 low-income nations would require full debt cancellation -- in addition to more aid and trade justice -- as a first step towards achieving the goals.

The proposal will cancel 100 per cent 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 have already met the full requirements of the highly indebted country process.

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Legislative leaders are passing up a chance to reduce New York State's excessive debt burden - already one of the highest in the nation - and to achieve structural balance between revenues and spending.

Debt cancellation must be effected. It's really obscene that poor countries become net exporters of capital due to debt.