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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Recession weighs heavily on aid to poor countries AFP - Sunday, May 24 PARIS (AFP) - - Poor countries, already hard hit by the global economic downturn, are now facing cutbacks in foreign assistance from traditional donors saddled with rapidly expanding deficits. ADVERTISEMENT The worldwide recession has driven 50 million people into extreme poverty, according to the World Bank and the International Monetary Fund, which have exhorted rich countries to live up to promises to boost development aid. "There's a risk that these promises will not be kept if the crisis deepens," warned Jose Gijon, head of the Africa-Middle East department at the Organisation for Economic Co-operation and Development. Added Shanta Devarajan, chief economist for Africa at the World Bank: "The fiscal pressure that developed countries are facing, especially to address the problems of their citizens, is so high that it will be hard to get political support to maintain the level of foreign aid." He said a 2005 pledge from the Group of Eight industrialised powers to double aid to Africa, made when the world economy was flourishing, had already fallen about 20 million dollars short of the target before the latest crisis erupted in late 2008. "If during the boom period they were unable to meet these commitments, I'm wondering what is going to happen now that we're in a deep recession." Emmanuel Frot of the Institute of Transition Economics in Stockholm described development aid as an "easy target" for governments anxious to trim spending. He said his research had shown that six countries that had suffered an economic slowdown in the 1990s, including Japan and the United States, had in one year cut their overseas assistance by 13 percent. Aid volumes came to a record last year but have now begun to slide. Italy has reduced its overseas development budget by 56 percent and Ireland by 10 percent while Latvia has abandoned such initiatives altogther, according to the European Network on Debt and Development. Oliver Buston of the non-governmental organisation ONE has noted that in addition to a fall in aid amounts, there has been a worrisome shift "toward more loans and less and less grants," which could trigger a "debt crisis." While the United States is planning an 8.0 percent hike in development aid next year, there are concerns about France, currently the fourth largest aid giver by volume. "We fear a setback in France and nothing is clear," said Sebastien Fourmy of Oxfam-France Agir. The 2009 French budget foresees development assistance equivalent 0.47 percent of gross national product, declining to 0.41 percent in 2010 and 0.42 percent in 2011. But Eric Chevallier, spokesman for the French foreign ministry, stressed that such figures are estimates that are still being analysed. He added that France remained committed to increasing assistance to 0.7 percent of gross national product in 2015, consistent with the United Nations Millennium Goals. Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Qantas trims international first-class servicesAFP - Monday, May 25 China Bohai Bank says plans listing in 2012 or 2013Reuters - Monday, May 25 PetroChina's 1bln dlr stake in Singapore refinerAFP - Monday, May 25 Australia lifts ban on short-selling stocksAFP - Monday, May 25 Related Articles: Business Fed's Kohn says rates likely to stay low for some timeReuters - Sunday, May 24 Navistar buys bankrupt Monaco for $50 millionAP - Sunday, May 24 Fed studying effect of crisis on productivityReuters - Sunday, May 24 Brazil's Vale says not started '09 iron price talksReuters - Sunday, May 24 GMAC plans to slash $1 billion in costs - reportsReuters - Sunday, May 24 Enlarge Photo Recession weighs heavily on aid to poor countries Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Obama signs credit card reforms Smokers duped by light cigarettes: US court Vitamin D boosts brain power in middle-aged men Popular cereal is a drug, US food watchdog says Health chiefs warn against 'sneaky' flu virus View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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