G8 Gleneagles Africa Statement

Sectors : Quality of aid, Debt relief, Aid volume
Organisation : G8
Date made: 
2005
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Commitments in: Financing for Development - Quality of aid

“32. We need to support sound development strategies with better aid, to ensure it is used most effectively. We will implement and be monitored on all commitments we made in the Paris Declaration on aid effectiveness, including enhancing efforts to untie aid; disbursing aid in a timely and predictable fashion, through partner country systems where possible; increasing harmonisation and donor co-ordination, including through more programme-based approaches.”

Scope: 
Africa

Commitments in: Financing for Development - Debt relief

“29. The G8 has agreed a proposal to cancel 100% of outstanding debts of eligible Heavily Indebted Poor Countries to the IMF, IDA and African Development Fund, and to provide additional resources to ensure that the financing capacity of the IFIs is not reduced... We welcome the agreement in principle by the Paris Club aimed at achieving a sustainable exit for Nigeria from its debt problems.”

Scope: 
Africa

Commitments in: Financing for Development - Aid volume

“27. The commitments of the G8 and other donors will lead to an increase in official development assistance to Africa of $25 billion a year by 2010, more than doubling aid to Africa compared to 2004…

…30. … We will focus aid on low income countries, which are committed to growth and poverty reduction, to democratic, accountable and transparent government, and to sound public financial management, although aid is also important to respond to humanitarian crises and countries affected by or at risk of conflict…

… Financing commitments (as submitted by individual G8 members)

• The EU has pledged to reach 0.7 per cent ODA/GNI by 2015 with a new interim collective target of 0.56 per cent ODA/GNI by 2010. The EU will nearly double its ODA between 2004 and 2010 from € 34.5 billion to € 67 billion. At least 50% of this increase should go to sub-Saharan Africa.”

Scope: 
Africa