Alliance World Dollar Government Fund, Inc. Reports First Quarter Earnings.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 16, 2000

Alliance World Dollar Government Fund, Inc. (NYSE: AWG), a registered closed-end investment company, today announced earnings for the first quarter ended January 31, 2000.

Total net assets of the Fund on January 31, 2000 were $85,634,069 compared with $79,743,545 on October 31, 1999 and $73,697,186 on January 31, 1999. On January 31, 2000 the net asset value per share was $10.05 based on 8,522,580 shares outstanding.

                   January 31, 2000  October 31, 1999  January 31, 1999
                   ----------------  ----------------  ----------------
Total Net Assets        $85,634,069       $79,743,545       $73,697,186
NAV Per Share                $10.05             $9.36             $8.86
Outstanding Shares        8,522,580         8,522,580         8,318,246

    For the period November 1, 1999 through January 31, 2000, total
net investment income was $2,741,409 or $0.32 per share. The total net
realized and unrealized gain was $5,961,567 or $0.70 per share for the
same period.

                      First Quarter    Fourth Quarter    First Quarter
                              Ended             Ended            Ended
                   January 31, 2000  October 31, 1999 January 31, 1999
                   ----------------  ---------------- ----------------
Total Net
 Investment Income       $2,741,409        $2,609,370       $2,897,578
Per Share                     $0.32             $0.31            $0.35
Total Net Realized/
 Unrealized Gain (Loss)  $5,961,567        $2,091,410      ($4,626,871)
Per Share                     $0.70             $0.25           ($0.56)

Alliance World Dollar Government Fund, Inc. is managed by Alliance Capital Management L.P.