While the world is still incurring a downturn in the global economy, shortfalls in aid, trade and debt, particularly in Africa, continues.
“We must not balance our budgets on the backs of the poor,” UN Secretary General Ban Ki-moon said at a press conference highlighting the global economic and financial crisis. Ki-moon said that renewed commitment to a global partnership for development was critical for filling the gaps. He launched the 2010 report of the Millennium Development Goals Gap Task Force that was created in 2007 to monitor the Goal 8 through inter-agency coordination comprised of more than 20 UN members. Ki-moon said that countries were $20 billion short on commitments made for the year, and Africa accounted for 80% of that gap. While gains had been made in providing debt relief to the poorest nations, many remained at high risk of debt distress as existing initiatives expired. He went on to say that it was unclear whether pre-crisis trade growth would again be on the horizon. "We have the tools and resources to achieve the Goals by 2015," the Secretary-General said adding that the report should motivate leaders to act with urgency during next week’s High-level Meeting on the Millennium Development Goals.
Other issues hinder Africa’s economic growth including obstacles in the technology sector. The UN’s Assistant Secretary General for Economic Development in the Department of Economic and Social Affairs Jomo Kwame Sundaram said that the costs of green technology would need to be lowered if significant progress was to be made in Africa.
Ki-moon said that it was distressing that Africa remained a high risk investment despite all the debt relief considering the continent needed the most help. While certain African countries seem to be on the uptake – like South Africa, Botswana, and Ghana just to name a few – other countries like Zimbabwe, Guinea, and Somalia continue to bring the continent’s overall outlook down in numbers.
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