Tag Archives: debt relief

Aid to developing world falls for second year

Kathryn Blanchflower writing at the Guardian, published on Friday April 4 2008

Aid to the developing world has fallen for the second consecutive year, the Organisation for Economic Cooperation and Development revealed today.

Campaigners said the G8 and EU targets to tackle global poverty were in jeopardy as developed country aid to poor nations continued to fall shy of goals.

Figures revealed today that overall aid totalled $103.7bn (£51.8bn) in 2007, representing a fall of 8.4% in real terms.

At the 2005 Gleneagles summit, G8 countries committed to pledge an additional $50bn in aid by 2010. Three years on, this target now looks to be missed by as much as $30bn, said Oxfam, enough to save 5 million lives.

“These figures today leave us in no doubt that the world’s richest countries are failing to meet their promises to the poorest countries, especially in Africa,” said Max Lawson, policy adviser for Oxfam. “The human cost of this failure is huge.”

The EU’s collective spending target of 0.7% of national income by 2015 now also looks badly off track, with aid from the world’s richest countries falling from 0.31% in 2006 to only 0.28% in 2007, as the effect of some one-off debt relief drops out of the data.

Figures from the OECD report show only seven countries met or surpassed the 0.7% target, with Norway (0.95%) and Sweden (0.93%) topping the rankings. Continue reading

Advertisements

Leave a comment

Filed under Aid, Development, International Aid, Poverty, World