At the summit in Gleneagles 2005, I remember the promises made – as I’m sure most in the developing world have as well. But the rich have forgotten; money is to be made not spent.
Tony Blair was prime minister and had released a commission report on poverty in Africa. His message was clear, the world needs to support Africa but all his rhetoric fell short. Today, Tony Blair is special envoy of the Quartet on the Middle East. I’m sure he’s doing a stellar job on that as well.
But here we are four years later, with a global economic crisis whose origins lay in the greed of those 8 nations who squandered away years of progress and development in a matter of weeks.
Rich nations were to wipe clean the $40 billion owed by the world’s 18 poorest countries but under harsh conditions by the International Monetary Fund and the World Bank. On the agenda as well was global warming but US opposition killed it.
So here we are again. This time in Italy with a host whose own sense of ethos is highly questionable and a nation that has itself cut its budgetary aid to developing nations by over 50%.
Within the first six months of this year alone, some 105 million people went hungry as direct consequence of the crisis. Last year riots broke out as basic food commodities like rice and wheat skyrocketed – as a result of all the money to be made on biofuels. Rather feed the machine than the stomach.
A UN task force states it will take an additional $40 billion to stave off hunger. But the G8 is willing to cough up only half that amount. It’s a lot of money, but hardly the $40 billion needed. And then, apparently, this sum will be spent over 3 years according to Oxfam, spreading it out.
But don’t count on this even happening. Given the dismal track record of these 8 giants, self-interest and time will once again fail the most afflicted, especially when there is easy money to be made off their backs.
