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Thursday, 18 February 2010

EU short $19bn on development pledges

Western European countries are skipping out to the tune of $19 billion (€14bn) on the aid pledges they made to developing countries five years ago at a landmark G8 meeting, according to the Organisation for Economic Co-operation and Development. Aid to poor countries in 2010 will be lower than donors promised five years ago at the 2005 Group of Eight meeting in Scotland - largely as a result of the economic crisis, says a report published on Tuesday by the OECD, the international club of wealthy countries.  With national budgets squeezed in the wake of the crash, many governments believe that charity begins at home, resulting in a shortfall of $21 billion (€15bn) from OECD nations. According to the OECE review of 2010 aid budget plans, donors are to disburse $107 billion (€78bn) this year (in 2004 dollars), instead of the $128 billion (€93bn) committed in 2005. Some $19 billion of the overall shortfall will come from the EU15 - the old, wealthier member states that made the original pledges.

Source: EU Observer