The response to the tsunami disaster is turning into a global political auction, with developed world leaders seeking to outdo each other in their efforts to help crisis-hit Asia. Gordon Brown is the latest to claim the spotlight with his proposal to offer afflicted countries an immediate moratorium on Paris Club debt repayments, followed by possible debt forgiveness. The chancellor is right to move the debate on beyond humanitarian relief to the longer term challenges of reconstruction and development. But the emphasis on debt looks misplaced.

Granted, a moratorium on bilateral debt repayments could do some good. Indonesia is due to make some hefty payments this year, while Sri Lanka's financial position was precarious even before the tsunami struck. It would be perverse to demand prompt payment when government budgets must respond to exceptional needs. And there are precedents. The Paris Club showed similar flexibility when Hurricane Mitch devastated the Caribbean.