In 1969, richer countries agreed to commit 0.7% of their gross national income to international development aid. The world has changed since then, and a new era calls for a fresh approach to poverty eradication, involving a scaled financial commitment from all countries.
LONDON – Trillions of dollars have already been spent on the global response to the COVID-19 pandemic, and no one knows what the final bill will be. Is it possible to respond to a much longer crisis – global poverty – with even a fraction of these resources?
Richer countries are currently committed to spending 0.7% of their gross national income (GNI) on international development aid. This target was established by the Pearson Commission in 1969, and approved in a United Nations General Assembly resolution the following year. Countries reached this agreement a half-century ago in a world in which global poverty was at very high levels. At the time, the world was justifiably perceived in binary terms: The North was wealthy, and the South was poor.
Much has changed in the intervening 50 years. Some countries have met the 0.7% target, but many others have yet to do so. Many developing countries experienced rapid economic growth in the 2000s – not only China and India, but also a number of African countries. Although all gains are currently in jeopardy, prior to the pandemic, at least, the world had entered a new era, with fewer low-income countries. At the same time, the higher global ambitions set out in the UN’s Sustainable Development Goals (SDGs), committed countries to end poverty in all its forms by 2030.
LONDON – Trillions of dollars have already been spent on the global response to the COVID-19 pandemic, and no one knows what the final bill will be. Is it possible to respond to a much longer crisis – global poverty – with even a fraction of these resources?
Richer countries are currently committed to spending 0.7% of their gross national income (GNI) on international development aid. This target was established by the Pearson Commission in 1969, and approved in a United Nations General Assembly resolution the following year. Countries reached this agreement a half-century ago in a world in which global poverty was at very high levels. At the time, the world was justifiably perceived in binary terms: The North was wealthy, and the South was poor.
Much has changed in the intervening 50 years. Some countries have met the 0.7% target, but many others have yet to do so. Many developing countries experienced rapid economic growth in the 2000s – not only China and India, but also a number of African countries. Although all gains are currently in jeopardy, prior to the pandemic, at least, the world had entered a new era, with fewer low-income countries. At the same time, the higher global ambitions set out in the UN’s Sustainable Development Goals (SDGs), committed countries to end poverty in all its forms by 2030.