Group of Twenty Reaffirms Importance of Development Funding

by Michael Kleinman

Published November 19, 2008 @ 09:02AM PST

The Group of Twenty meeting this past weekend brought together leaders from twenty of the world's largest economies to discuss the financial crisis - including the impact of the crisis on developing nations.

Amidst concerns that development funding might be cut - perhaps dramatically - the statement released by the Group of Twenty on Saturday offers at least some comfort:

"We are mindful of the impact of the current crisis on developing countries, particularly the most vulnerable. We reaffirm the importance of the Millennium Development Goals, the development assistance commitments we have made, and urge both developed and emerging economies to undertake commitments consistent with their capacities and roles in the global economy. In this regard, we reaffirm the development principles agreed at the 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, which emphasized country ownership and mobilizing all sources of financing for development.

We remain committed to addressing other critical challenges such as energy security and climate change, food security, the rule of law, and the fight against terrorism, poverty and disease."

For previous posts on the impact of the financial crisis on humanitarian and development funding, see here.

[Photo of Group of Twenty meeting from AFP / BBC]