Wednesday, November 2, 2011

Jeffrey Sachs

At the Monterrey Financing for Development Conference in 2002, world leaders pledged “to make concrete efforts towards the target of 0.7%” of their national income in international aid. In today’s dollars, that would amount to almost $200 billion each year.
In 2005, total aid from the 22 richest countries to the world’s developing countries was just $106 billion—a shortfall of $119 billion dollars from the 0.7% promise. On average, the world’s richest countries provided just 0.33% of their GNP in official development assistance (ODA). The United States provided just 0.22%.
The cost of supporting countries to meet the Goals would require donors to increase ODA to 0.44% of GNP by 2006 (or $135 billion) and to plan for a scale-up to 0.54% by 2015 (or $195 billion) – well within the bounds of the 0.7% promised in Monterrey. This means that of the combined rich world GNP of approximately $30 trillion dollars, on average just $150 billion a year would be enough to get the world on track to ending extreme poverty throughout the world.

2 comments:

  1. The End of Poverty
    Jeffrey Sachs
    http://www.earth.columbia.edu/pages/endofpoverty/oda

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  2. Five countries have already met or surpassed the 0.7% target: Denmark, Luxembourg, Netherlands, Norway and Sweden. Five other countries have committed themselves to a timeline to reach this target before 2015: Belgium, Finland, France, Ireland and the United Kingdom. In May of 2005, all members of the European Union (except for those 'new' members who joined after 2002) agreed to meet the target by 2015. This brought the number of rich countries who have already met, or have committed to meet, the 0.7% target by 2015 to seventeen.

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