Britain plans to spend about $180.2 million more a year on debt relief for some of the world's poorest countries, the Guardian newspaper reported Saturday.
The British government said the money would go to more than 30 countries to help them repay debts to the World Bank and African Development Bank.
"We intend to lead by example," Gordon Brown, Britain's chancellor of the exchequer, or finance minister, was expected to say in a speech Sunday, the Guardian reported.
Brown will reportedly call on the world's biggest donors to do the same when he attends the annual meeting of the World Bank and International Monetary Fund next month.
Brown, who is chairman of the IMF's top policy group, will repeat his long-standing call for the fund's gold reserves to be revalued to release cash for debt relief, the paper said.
Under a 1971 agreement, most IMF gold is valued at $40 an ounce, or one-tenth of the current market price.
The IMF holds 103.4 million ounces of gold, one of the biggest stocks in the world, which is valued on its balance sheet at $8.5 billion.
"We cannot bury the hopes of half of humanity in the lifeless vaults of gold," Brown is expected to say ahead of the ruling Labor Party's annual conference, which opens Sunday.
The president of the World Bank, James D. Wolfensohn, said Friday that the U.S. government had discussed a plan with him to cancel poor countries' debt to global institutions.