Debt Management for Development
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Debt Management for Development

Protection of the Poor and the Millennium Development Goals

Kunibert Raffer

This book exposes intolerable global double standards in the treatment of debtors and argues that fairness, economic efficiency and principles common to all civilized legal systems, must and can be applied to so-called ‘developing countries’, or Southern sovereign debtors.
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Chapter 14: Lending or Granting: ODA and the MDGs

Kunibert Raffer

Extract

14. Lending or granting: ODA and the MDGs The need of additional ODA in order to enable poor countries to reach the MDGs has always been obvious. In the Summit Documents of Gleneagles the G8 promised to double aid to Africa by 2010. Somewhat less clearly, they formulated with regard to other SCs: ‘Aid for all developing countries will increase, according to the OECD, by around $50bn per year by 2010, of which at least $25bn extra per year for Africa.’ This is neither an agreement nor a commitment by the G8. However, they announced that a ‘group of G8 and other countries will also take forward innovative financing mechanisms including the IFF for immunization, an air-ticket solidarity levy and the IFF to deliver and bring forward the financing, and a working group will consider the implementation of these mechanisms.’ Finally they ‘agreed’ on a leading role of the IBRD ‘helping to ensure that additional assistance is effectively co-ordinated’. As the ‘G8 has also agreed’ on MDRI debt relief, aid increases are logically additional. While further multilateral debt relief has occurred, though slowly, arbitrarily, and in a way that is definitely not beyond criticism, the G8 have clearly failed to live up to their pledge of additional aid. In May 2007 the Executive Coordinator of the Millennium Campaign, Evelyn Herfkens, answered the question very clearly on what people working on the implementation of the MDGs could expect from the Heiligendamm G8 meeting: ‘Not much.’ In this interview granted to a...

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