World Bank and International Monetary Fund will make contribution out of the profits from 14 million ounces of gold they had put up for non-market transaction last week, besides donations from various governments.

Chairman of the committee and British chancellor of the exchequer Gordon Brown announced at a press conference here that enough pledges have been received over the weekend to begin the programme.

Although earlier the idea of forgiving debt of sovereign governments was not considered, of late it was realised that poorest countries reeling under heavy debt could not pay up dues. Pope John Paul II and relief groups like Oxfam and Anglican Church, besides rock star Sonny Bono had argued forloan waiver of these poor nations.