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:  WHY DID THE BOARDS OF GLOBAL GOVERNMENTS INCOME TRUST AND GLOBAL INCOME
    FUND TAKE THESE ACTIONS?

A:   As noted in the January 4, 2002 press release, Global Governments Income
     Trust and Global Income Fund intend to file relevant materials with the
     U.S. Securities and Exchange Commission, including a proxy statement by
     Global Governments Income Trust and a registration statement by Global
     Income Fund that contains a prospectus. These materials will include
     detailed information regarding the transactions, the Boards' considerations
     and the Boards' recommendations and will be provided to shareholders in
     accordance with federal securities laws.

Q: IF THE REORGANIZATION IS APPROVED, HOW MANY SHARES OF GLOBAL INCOME FUND
   WILL EACH GLOBAL GOVERNMENTS INCOME TRUST SHAREHOLDER RECEIVE?

A:   If the proposed reorganization is consummated, the number of shares to be
     received by a Global Governments Income Trust shareholder will be
     determined based upon the relative net asset values of Global Governments
     Income Trust and Global Income Fund immediately prior to the
     reorganization. A Global Governments Income Trust shareholder will receive
     Global Income Fund shares equal, on a net asset value basis, to the
     aggregate net asset value of the shareholder's Global Governments Income
     Trust shares immediately prior to the reorganization. The number of Global
     Income Fund shares received may be more or less than the number of Global
     Governments Income Trust shares exchanged, but the aggregate net asset
     value of each shareholder's holdings immediately before and after the
     transaction will be the same.

                                    * * * * *

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.