G8 L'Aquila Responsible Leadership for a Sustainable Future: Statement

Sectors : Aid volume, Debt relief, Financial Institutions, markets, services and microfinance, Quality of aid
Organisation : G8
Date made: 
Heads Of State
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Commitments in: Financing for Development - Aid volume

“100. We reconfirm our resolve to implement the Monterrey Consensus and the Doha Declaration on Financing for Development. In particular, despite the severe impact of the crisis on our economies, we reiterate the importance of fulfilling our commitments to increase aid made at Gleneagles, and reaffirmed at Heiligendamm and Toyako. For Africa, this will include increasing, together with other donors ODA by US$ 25 billion a year by 2010, compared to 2004. The OECD-DAC estimated that the combined commitments of G8 and other donors would increase overall ODA by around $50 billion a year by 2010 compared to 2004. We will continue to provide debt relief according to the Enhanced HIPC initiative, the Multilateral Debt Relief Initiative and the Paris Club’s Evian Approach.

101. At the London Summit we have agreed a substantial increase of resources available through the International Financial Institutions (IFIs) for crisis support and sustaining growth. As G8 we remain firmly committed to the London decisions and their thorough and timely implementation...

102. The financial crisis makes it doubly important that we improve the effectiveness of our aid. We are firmly committed to implement the Paris Declaration and the Accra Agenda for Action (AAA), to ensure development effectiveness. Building on the results of the 2008 OECD Survey, we will accelerate implementation of our aid effectiveness commitments, with a strong focus on in-country implementation, to be reviewed at the 2011 Fourth High Level Forum on Aid Effectiveness. We stand ready to work with partner countries, non-DAC donors and providers of South-South cooperation to improve development results.”