The Group of Eight industrial nations are collectively off course in delivering on a 2005 pact to more than double aid to Africa through 2010, with France and Italy falling far short of their commitments, according to a new report released on Thursday.
The annual report by the ONE anti-poverty campaign charts progress by the G8 in meeting their aid promises made at a summit in Gleneagles, Scotland, in 2005 to more than double aid to Africa to reach $25 billion a year by 2010. By the end of 2008 the G8 nations had made good on one-third of their aid commitments and by the end of this year, they are expected to meet just half of their Gleneagles targets, the report said.
The majority of the shortfall — about 80 percent — will be because of declines in aid to Africa by Italy and France, it added. “Certain members of the G8 are meeting and even beating the targets they set for themselves. Others, most notably Italy and France, have made exceptionally poor progress and are damaging the G8’s collective credibility,” the report said.
“Given how far some G8 countries have drifted from their promises, it will be challenging for the group to get back on track to keep their commitments,” it added. Many countries in the G8 have spent billions of dollars of their budgets on fiscal stimulus to spur global recovery, affecting their ability to increase foreign assistance.
SOURCED FROM REUTERS