The facts behind G8 aid promises

„When hosting the 2010 G8 summit of major economies, the Canadian prime minister, Stephen Harper, called for an "accountability summit" to hold the G8 responsible for the promises that it made over the years. So let's make our own account of how the G8 did. The answer, alas, is a failing grade. The G8 this year illustrates the difference between photo-ops and serious global governance.

Of all of the G8's promises over the years, the most important was made to the world's poorest people at the 2005 G8 Gleneagles summit in Scotland. The G8 promised that, by this year, it would increase annual development assistance to the world's poor by $50bn relative to 2004. Half of the increase, or $25bn per year, would go to Africa.

The G8 fell far short of this goal, especially with respect to Africa. Total aid went up by around $40bn rather than $50bn, and aid to Africa rose by $10bn-$15bn per year, rather than $25bn. The properly measured shortfall is even greater, because the promises that were made in 2005 should be adjusted for inflation. Re-stating those commitments in real terms, total aid should have risen by around $60bn, and aid to Africa should have risen by around $30bn.

In effect, the G8 fulfilled only half of its promise to Africa – roughly $15bn in increased aid rather than $30bn.”