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Thursday, 25 March 2010

Developing countries facing the abyss

An estimated 100 million people in developing countries will fall into extreme poverty because of the economic and financial crisis, according to a report being presented Wednesday evening in the House. A "perfect storm" of falling aid donations, the economic slump and a fall in capital flows have meant that there is an estimated $11.6 billion shortfall for things like education and health. The non-legislative report, drafted by Spanish Socialist Enrique Guerrero, stresses the need for a concerted effort from developed countries to alleviate the situation - especially from the EU which supplies 60% of all development aid. Mr Guerrero wants EU members to increase development aid from the current 0.4% of gross national income to 0.5%  this year and 0.7% within five years.

Source: European Parliament