G8: Some Progress – Big Push Still Needed
11 June 2004
Speaking at the conclusion of the G8 Summit in Georgia, USA, this week, Commonwealth Secretary-General Don McKinnon said: "Good progress has been achieved, but we're still waiting for the big push that will really transform the lives of the 1.2 billion people living in absolute poverty."
"The decision to extend the debt relief programme for Heavily Indebted Poor Countries (HIPCs) for another two years is very encouraging and will be welcomed by many Commonwealth developing countries," said Mr McKinnon.
The Secretary-General hoped that this decision would help build the momentum towards the next G8 Summit, due to be hosted by the UK next year.
The Secretary-General again urged G8 leaders to honour their promise to cut agricultural subsidies: "Abolishing handouts to farmers in rich countries would give developing countries a real chance to compete on a level playing field and trade their way out of poverty. I am encouraged by G8 leaders' determination to put in place the framework for a deal on agriculture by July. I hope this will pave the way to a major breakthrough in the Doha Development Round."
Mr McKinnon pointed out that trade liberalisation, in itself, was not enough: "For developing countries in the Commonwealth and beyond, greater trade opportunities must be backed by increased aid flows. Developing economies must build their trade capacity before they are able to compete in world markets and the only way they can achieve this is through aid."
The Secretary-General expressed support for the UK Chancellor's International Finance Facility which would seek to double aid for the world's poorest countries from US$50 billion a year today to US$100 billion a year up to 2015 and hoped that G8 leaders would put their weight behind this initiative at their meeting in the UK next year.
Mr McKinnon also welcomed the Group of 8 industrial countries' scheme to increase collaboration and accelerate efforts to develop a vaccine for HIV/AIDS.
Note to Editors:
In the mid 1980s, Commonwealth Finance Ministers provided the leadership which eventually led to the initiative to reduce the debt of HIPCs. The Commonwealth continues to maintain pressure on the IMF and the World Bank to provide even greater debt reduction to these countries.
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- Commonwealth ICT SummitBetty Mould Iddrisu, Director, Legal and Constitutional Affairs
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