Yes - kind of. 2 weeks ago, 18 countries in Africa had their debts cancelled by the G7 finance ministers, but that was only 18 - Live 8 wanted to bring awareness just before the G8 summit in Scotland to the world leaders that more must be done and that all debts should be cancelled.
Also, Live 8 wants the leaders of the G8 to commit to the 0.7% of the national income to foreign aid that was promised with a targetted timeline. Lester B. Pearson, bless his soul, in 1975 wanted Canada to committ to 0.9% by this time. Canada currently pledges around 0.3%. Realistically for Canada to acheive this goal, without taking away money from current services, we will go back in debt.
I do agree with the concept of teaching a man to fish - check out the Stephen Lewis Foundation and some of the things they do and help contribute to and you will see exactly what you are saying.