A new report from Jubilee 2000 Coalition reveals that world leaders are set to announce a deal on debt relief worth only five loaves of bread or one bag of rice every year to the average person in the poorest countries.

The information comes from inside intelligence and analysis of proposals from the British, German and US governments in preparation for the G8 summit, 18th – 20th June, when Third World debt will be on the agenda. Using the most generous offer, the British proposal announced by Chancellor Gordon Brown in February 1999, Jubilee 2000 has calculated that despite promising rhetoric, the G8 will offer each person in 52 heavily indebted poor countries on average $2.83 (£1.84) each year. Every one of these people owes an average $573 (£349) to their Western creditors.

Ann Pettifor, director of the coalition said: "This report reveals that despite flowery speeches and grand gestures, G8 leaders are offering only crumbs of comfort to the world's most indebted nations. An unprecedented number of people will amass in central London on Sunday, June 13th and in Cologne on June 19^th, to support the Jubilee 2000 call for the cancellation of unpayable debts in the Jubilee year – 2000. They will not be satisfied by these crumbs from the G8 table. They are calling on the leaders to drop the debt now."

Read the Executive Summary or Full Text of the report here.