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Saturday, July 09, 2005

G8 issues action plan for Africa: drop debt & more aid 

The G8 leaders didn't let the terror attacks in London stop them from making a grand gesture of good will toward the world's poor. Following the weekend's Live 8 concerts, the G8 made it clear that they heard the message from the millions who participated in the events and issued a plan of action for Africa.

The plan includes:

extra resources for Africa's peacekeeping forces so that they can better deter, prevent and resolve conflicts in Africa;

enhanced support for greater democracy, effective governance and transparency, and to help fight corruption and return stolen assets;

boosting investment in health and education, and to take action to combat HIV/AIDS, malaria, TB and other killer diseases; and

taking steps to stimulate growth, to improve the investment climate and to make trade work for Africa, including by helping to build Africa's capacity to trade and working to mobilize the extra investment in infrastructure which is needed for business.

The G8 leaders also agreed to back this plan with substantial extra resources for countries which have strong national development plans and are committed to good governance, democracy and transparency.

In order to meet the above goals, the G8 agreed to double aid for Africa by 2010. Aid for all developing countries will increase, according to the OECD, by around $50 billion per year by 2010, of which at least $25 billion extra per year is earmarked for Africa.

In addition to increasing funding, the G8 also agreed that all of the debts owed by eligible heavily indebted poor countries to IDA, the International Monetary Fund and the African Development Fund should be cancelled.

The G8 countries were joined by select African leaders who agreed that if implemented these measures and the others set out in our comprehensive plan could double the size of Africa's economy and trade by 2015, lift tens of millions of people out of poverty every year, save millions of lives a year, deliver free basic health care and primary education for all, provide as close as possible to universal access to treatment for AIDS by 2010 and generate employment and other opportunities for young people.

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