Saturday, April 25, 2009

Aid Needs to Increase

There has been a 10% increase in foreign aid over the last several years. Unfortunately, the amount of aid currently given still represents just 0.3% of national income, the same level as in 1993. According to Oxfam's Head of Development Finance, Max Lawson, "Rich countries can come up with the money when they want to. AIG’s executive bonuses alone could have paid for enough teachers for 7 million children in Africa." With these numbers, achieving the MDGs before 2015 will definitely not be an easy task. Rich countries will need to implement significant increases in aid levels to meet the promises they've made.
Source: Oxfam