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UK's to reach 0,7% aid commitment


Thursday, 21 March 2013

UK's to reach 0,7% aid commitment

On Wednesday 20 March the UK Chancellor announced as part of his budget speech that the UK will meet its commitment to spend 0.7% of gross national income this year on aid, CONCORD informs. This means that the UK will become the 6th donor to reach the target, and the only country from the G8 group to do so.
0.7% refers to the repeated commitment of the world's governments to commit 0.7% of rich-countries' gross national product (GNP) to Official Development Assistance.
First pledged 35 years ago in a 1970 UN General Assembly Resolution, the 0.7 target has been affirmed in many international agreements over the years, including the March 2002 International Conference on Financing for Development in Monterrey, Mexico and at the World Summit on Sustainable Development held in Johnannesburg later that year. The UN Millennium Project's analysis indicates that 0.7% of rich world GNI can provide enough resources to meet Millennium Development Goals
European leaders committed to boost overseas aid to 0.7% of GNI at a meeting in June 2005. An exception was made for the 12 new member states that joined the EU in 2004 and 2007, which were handed a lower target of 0.33% of GNI.
The other five donors which already reached the target are: Norway, Sweden, Luxembourg, Netherlands, and Denmark.