Filed by Templeton Global Governments
                                       Income Trust
                                       Pursuant to Rule 425 under the Securities
                                       Act of 1933 and deemed filed pursuant
                                       to Rule 14a-12 under the Securities
                                       Exchange Act of 1934

                                       Subject Company: Templeton Global
                                       Governments Income Trust
                                       Commission File No. 811-05677




                  TEMPLETON GLOBAL GOVERNMENTS INCOME TRUST AND
              TEMPLETON GLOBAL INCOME FUND, INC. ANNOUNCE PROPOSED
                                 REORGANIZATION

                  JANUARY 4, 2002 -- PRESS RELEASE Q's AND A's



Q:  WHAT ACTIONS DID THE BOARDS OF DIRECTORS/TRUSTEES TAKE ON JANUARY 4, 2002?

A:   The Board of Directors of Global Income Fund and the Board of Trustees of
     Global Governments Income Trust have approved a proposal providing for the
     reorganization of Global Governments Income Trust into Global Income Fund.
     The proposal will be submitted to shareholders of Global Governments Income
     Trust for their approval. In the transaction, Global Income Fund would
     acquire substantially all of the assets of Global Governments Income Trust
     in exchange for shares of Global Income Fund, which would then be
     distributed to Global Government Income Trust's shareholders. After
     completion of the reorganization, Global Governments Income Trust
     shareholders would become shareholders of Global Income Fund, and Global
     Governments Income Trust would cease to exist. The transaction is expected
     to be tax-free.


     In connection with the reorganization, Global Governments Income Trust has
     discontinued its open-market share repurchase program, effective
     immediately.

Q:  WHEN WILL SHAREHOLDERS BE ASKED TO VOTE ON THE REORGANIZATION?

A:   It is expected that Global Government Income Trust's shareholders will be
     asked to approve the proposed reorganization at a Special Meeting of
     Shareholders intended to be held as soon as practicable. The Special
     Meeting is expected to take place by the summer of 2002, subject to
     obtaining necessary regulatory and other approvals.

     Shareholders of Global Income Fund will not be asked to approve the
     proposed reorganization.

     Any solicitation of proxies in connection with the proposed reorganization
     will be made only pursuant to separate prospectus/proxy materials filed
     under federal securities laws.

Q:  WHAT ARE GLOBAL GOVERNMENTS INCOME TRUST'S INVESTMENT GOAL AND PRINCIPAL
    STRATEGIES?

A:   Global Governments Income Trust is designed for investors seeking a high
     level of current income consistent with preservation of capital. Under
     normal market conditions, the Trust invests primarily in a portfolio of
     debt securities issued or guaranteed by governments, government agencies,
     supranational entities, political subdivisions and other government
     entities of various nations throughout the world, including emerging
     markets.

Q:  WHAT ARE GLOBAL INCOME FUND'S INVESTMENT GOAL AND PRINCIPAL STRATEGIES?

A:   Global Income Fund is designed for investors seeking high current income,
     with a secondary objective of capital appreciation, but only when
     consistent with its principal objective. Under normal market conditions,
     the Fund invests primarily in a portfolio of debt securities of U.S. and
     foreign issuers, including emerging markets.

Q:  HOW DO THE FUNDS COMPARE IN SIZE?

A:   As of January 4, 2002, Global Governments Income Trust had total assets of
     approximately $143 million and Global Income Fund had total assets of
     approximately $776 million.

Q:  AS A SHAREHOLDER OF GLOBAL GOVERNMENTS INCOME TRUST, AM I BEING ASKED TO
    TAKE ANY ACTION AT THIS TIME?

A:   No. Shareholders of Global Governments Income Trust are not being asked to
     take any action at the present time, but are being advised that the Board
     of Trustees of the Trust has approved a proposed reorganization that will
     be submitted to shareholders for consideration in the future. Shareholders
     of Global Governments Income Trust are also being advised that the Trust's
     open-market share repurchase program has been discontinued.

                                    * * * * *


In connection with the proposed reorganization transaction, Global Governments
Income Trust and Global Income Fund intend to file relevant materials with the
U.S. Securities and Exchange Commission ("SEC"), including a proxy statement by
Global Governments Income Trust, and a registration statement on Form N-14 by
Global Income Fund that contains a prospectus. Because those documents contain
important information, shareholders of Global Governments Income Trust and
Global Income Fund are urged to read them, if and when they become available.
When filed with the SEC, they will be available for free at the SEC's website,
www.sec.gov. Shareholders can also obtain copies of these documents and other
transaction-related documents, when available, for free by calling Global
Governments Income Trust at 1-800-342-5236 or by calling Global Income Fund at
1-800-342-5236.

Global  Governments  Income Trust,  its  directors  and  executive  officers and
certain other persons,  may be deemed to be participants  in Global  Governments
Income Trust's  solicitation of proxies from its shareholders in connection with
the proposed  transaction.  Information  about the directors is set forth in the
proxy  statement for Global  Governments  Income  Trust's 2001 annual meeting of
shareholders. Participants in Global Governments Income Trust's solicitation may
also be deemed to include the  following  executive  officers  or other  persons
whose interests in Global  Governments  Income Trust may not be described in the
proxy  statement  for Global  Governments  Income  Trust's 2001 annual  meeting:
Gregory E. McGowan (President);  Charles B. Johnson (Vice President);  Rupert H.
Johnson,  Jr. (Vice  President);  Harmon E. Burns (Vice  President);  Charles E.
Johnson  (Vice  President);  Martin L.  Flanagan  (Vice  President);  Jeffrey A.
Everett (Vice President); John R. Kay (Vice President);  Murray L. Simpson (Vice
President  and  Asst.  Secretary);  David P.  Goss  (Vice  President  and  Asst.
Secretary);  Barbara J. Green (Vice President and Secretary); Bruce S. Rosenberg
(Treasurer); Holly Gibson Brady (Director of Corporate Communications - Franklin
Resources, Inc.).

As of the date of this communication, none of the foregoing participants
individually beneficially owns in excess of 1% of Global Governments Income
Trust's shares of beneficial interest. Except as disclosed above, to the
knowledge of Global Governments Income Trust, none of its respective directors
or executive officers has any interest, direct or indirect, by security holdings
or otherwise, in Global Governments Income Trust.

Shareholders may obtain additional information regarding the interests of the
participants by reading the proxy statement of Global Governments Income Trust.

This communication shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities Act of 1933,
as amended.