G20 Pittsburgh summit

Is the G20 keeping its promises to the world’s poorest?

by Brent Gregston

Article published on the 2009-09-24 Latest update 2009-09-24 15:30 TU

Demonstrators wearing masks of leaders play a mock football game urging world leaders to tackle global poverty
(Credit: Reuters)

The outlook is improving for the rich and emerging economies that make up the G20. But poor countries in much of Africa, Asia and Latin America show little or no sign of recovery, according to some experts. The governments of the G20 nations have deployed trillions of dollars to bail out banks, insurance companies and carmakers but have not delivered on their promise of 50 billion dollars for the world’s poorest countries.

In April, at the G20 summit in London, world leaders accepted their
responsibility for the global economic crisis.

“We recognise that the current crisis has a disproportionate impact on the vulnerable in the poorest countries and recognize our collective responsibility to mitigate the social impact,” they said in a statement.

The G20 nations promised more than a trillion dollars in resources for
developing countries including 50 billion for the poorest. Almost six
months later, just under half of the 50 billion has been delivered to
low income countries, virtually all of it in the form of loans.

“In this time of crisis, poor countries should not be sending money
back to rich countries,” says Neil Watkins, Executive Director of the
Jubilee USA Network. “A new, bolder approach is urgently needed. . .
Without a change in course, we are on the verge of a new debt crisis
in the developing world.”

The UN has released a report describing the devastating effects of the
economic crisis on the poorest countries. UN Secretary General Ban
Ki-moon said tens of millions of people are counting on the Group of
20 industrialised nations to keep their financial promises.

He has called on the G20, meeting Thursday in Pittsburgh, to deliver on its $1.1 trillion pledge, especially the $50 million earmarked for the poorest of the poor.

Emira Woods, foreign policy co-director at the Institute for Policy
Studies in Washington, says the G20 leaders should address the needs of all people, including those who don't have representatives at the summit.

“I see that the G20 has a history, just as the G8 did before, of making wonderful promises and not living up to those pledges,” she says.

No low income country will be represented at the Pittsburgh summit of
G20 nations.