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3rd World Aid During the Recession

Courtesy of Google Images

As economies worldwide struggle to regain financial footing during the recession in the ever competitive global marketplace, the repercussions will likely trickle down to third world nations- ultimately minimize aid.

In the western world, finances typically meant for civil services are now striped down to support a weakening economy.

After governments of western nations such as the United States and the United Kingdom tap into taxpayers’ pockets to back big name banks and save an ailing economy, what will be left for poorer nations?

Bailout Plan                                                                                         Courtesy of Flicker.com

After a reportedly 700 billion dollar US bailout and the 400 billion dollar UK bailout was issued, General Jacques Diouf of the United Nations Food and Agriculture Organization urged western governments “not to reduce aid to developing countries or introduce protectionist trade measures amid the current global financial crisis”. He warned that doing this could spark a food crisis in the coming year.

Similarly, according to The Associated Press, the Bush administration stated, “the United States and other developed countries must honor their commitments to foreign assistance.”

Given the growing size of the world’s population, disparity between the rich and the poor continues to grow. This phenomenon will most likely spiral downwards if developed nations lose focus of their international commitments during a time of national crisis.

G8 Commitments

In times of prosperity, during the 2007 G8 Summit a global commitment to ending poverty was at the top of the agenda. Then Prime Minister Tony Blair helped to enact a pledge of 50 billion US dollar to African countries in need of assistance. With full aid dispersements planned by 2010.

Almost two years after the pledge was made and the R-word or recession already uttered by top western leaders, the prospects of Africa ever receiving the finances is lessening.

The Future of the Third World

According to the Guardian almost two years after the G8 promise of assistance, the Africa Progress Panel headed by former UN Secretary General Kofi Annan says rich countries were only 10% of the way to their target.

This means, organizations committed to eradicating disease and poverty in third world nations such as Africa Aid may now have to push harder to ensure that promises of funding are being met.

Chai Collins

c.collins@my.westminster.ac.uk

Sources:

http://edition.cnn.com/2008/POLITICS/10/14/bailout.congress/index.html

http://www.telegraph.co.uk/finance/economics/3251139/Sterling-tumbles-below-1.60-as-UK-nears-recession.html

http://news.bbc.co.uk/2/hi/business/7658277.stm

http://www.g-8.de/Webs/G8/EN/Homepage/home.html

http://www.whitehouse.gov/

http://www.un.org/sg/annan.shtml

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October 25, 2008 Posted by | Chai- Int'l Current Affairs | , , , , , , | Leave a comment