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Saturday, July 11, 2009

G8 falls short on 2005 financial aid

Not much of a surprise here. It's good to see Obama pushing the others on the subject of fulfilling their previous promises. There's nothing wrong with asking others to deliver what was publicly promised when the cameras were rolling.

The world's richest nations will fail to meet their landmark pledge made at the 2005 Gleneagles summit to double aid to the poorest countries.

Officials at the G8 summit in Italy said yesterday there was "little chance" the eight countries would keep the promises they made at the meeting four years ago to double their aid to $50bn (£30bn) a year by next year.

While Britain is on course to meet its target share, Italy and France are falling short. They resisted pressure at the G8 summit this week from leaders including US President Barack Obama and Gordon Brown to increase their contributions before next year's deadline. "We will keep our promises," one British source said, "but overall it's not going to happen".

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