Rich countries have agreed that, in principle, all of the debt owed by the poorest countries should be cancelled. They agreed a deal at the G8 which should be worth up to $1 billion per year for the 18 countries that qualify (around 20 more could also become eligible).
This compares to the minimum of $10 billion debt cancellation per year needed to help developing countries achieve the Millennium Development Goals.
For more information see what was achieved by the Make Poverty History campaign in 2005