Levels of international aid have been criticised as seriously insufficient for over 50 years, debt cancellation programs have failed to reach most developing countries, and the Millennium Development Goal for halving poverty will not be met by 2015. Without a fundamental restructuring of global economic priorities, the needs of the majority world will continue to be overshadowed by commercial interests.
In the face of an unprecedented combination of global crises, governments must move beyond a 'business as usual' approach to poverty eradication. While aid remains an ethical imperative, the emphasis must be on economic, social and environmental justice, argue Social Watch.
The passing of a landmark bill to stop finance companies using British courts to profiteer off poor countries’ debts represents a major victory for campaigners. The next step is to press for similar legislation in Europe and the United States, reports IRIN.
According to experts, the use of the US dollar as the global reserve currency is a source of instability in the international economy. Could the use of the IMF’s Special Drawing Rights lead to a reformed monetary system and a useful source of development finance? By Soren Ambrose and Bhumika Muchhala.
‘Global apartheid’ describes an international economy inherently engineered to further enrich the rich and impoverish the poor. The first step in transforming this system is for leaders in the Global South to stop thinking that without aid they cannot survive, writes Yash Tandon.
While the burden of debt is crippling poorer nations, cancellation of what is outstanding is not enough. There is an urgent need to restructure the current financial framework if a sustainable solution is ever to be realised, argues Justin Frewen.
wealthy countries will fail to keep promises they made five years ago at the
Gleneagles Summit to increase aid to the developing world. Of the $21bn
shortfall for 2010, $17bn was due to donors giving less than they had pledged,
reveals a review by the OECD.
Dichotomies and over-simplification characterise the current debate over international development aid. The discussion must be radically reframed to focus on how aid is given rather than how much is necessary, says Lindsay Whitfield.