Regent's Park &
Kensington North
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Karen Buck MP Regent's Park & Kensington North |
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Britain leads the way in the G8 in drive to tackle global poverty July 2005 Britain has made poverty- with a particular focus on Africa- and climate change, the top priorities for the G8 summit of the world’s major developed countries. At the G8 finance ministers meeting in early June: · It was agreed that multilateral debt of the poorest countries would be completely cancelled. 18 countries will benefit almost immediately, with $40 billion of debt written off. Another 9 countries should benefit within 12-18 months, and another 11 will have the opportunity to benefit when they reach completion point for the Heavily Indebted Poor Countries. · Existing commitments to increase aid were brought together. This should generate an annual addition of $43 billion by 2010. Since the EU commitment to increase aid, made in May, Germany and Italy have affirmed their commitment to give 0.7% of their gross national income as overseas development aid by 2015. They joined Britain, France, Ireland, Finland, Spain and Belgium, all of whom have, in the last three years, committed to a firm timetable to spend 0.7% of their Gross National Income on aid. Finance ministers have committed to increase the effectiveness of aid by focusing on poverty reduction. · Gordon Brown stated: “I believe that, out of the additional $43 billion already pledged for 2010, we can now deliver on the Commission for Africa recommendation that aid to Africa should increase by $25 billion by 2010. · Finance Ministers discussed funding increased efforts to treat and cure Malaria, TB and HIV/AIDS. For the first time, the G8 have committed themselves to provide universal access to AIDS treatment by 2010. The G8, in partnership with the World Bank, pharmaceutical industry and other governments and institutions, has committed to press ahead with work on Advance Purchases commitments for vaccines for malaria, HIV/AIDS and other diseases of poverty. · For the first time, G8 Finance Ministers agreed to demand a timetable to get rid of the protectionist export subsidies in agriculture. We promised finds to assist those most at risk and build poor countries’ capacity to trade. · Finally, it was agreed we should continue work on the International Finance Fund and the IFF for immunisation. The IFF for vaccination would be a partnership between countries and the Gates Foundation, front loading $4 billion of extra funds for immunisation. It is estimated that between now and 2015, this one change could save 5 million lives. |
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