Pushing for world's poorest at G20 meeting
14 November 2008
Major international summit on global financial system
On Saturday 15 November representatives of the world's largest economies will gather in Washington D.C. to consider a global response to the most pressing global financial issues.
Coming at a time of financial crisis that is affecting rich and poor countries alike, the meeting of the Group of Twenty (G-20) is an opportunity to improve the regulation and supervision of the global financial system in order to restore stability and sustain the global growth that is crucial for poverty reduction.
The UK will be pushing for an outcome to the summit that recognises the interests of developing countries in the reform of the financial system and acknowledges the impact of the economic slowdown on them, which comes on top of the recent food and fuel crises. We want to ensure that the international financial institutions that are leading the response to the crisis are more effective and representative.
And at a time of reduced private sector finance to developing countries, we believe it is essential that richer countries deliver on their commitments to increase aid. Without this, recent progress in achieving the Millennium Development Goals could slip or be reversed and damage efforts to build a safer, more healthy and more prosperous world.
The UK is on track to meet its target of spending 0.7% of national income in aid by 2013 and is encouraging other countries to take action to meet their targets. Supporting the economic growth of developing countries, to build on the gains that the world has made in the fight against poverty, will remain at the centre of DFID's work.
Read more about DFID's efforts to promote trade and growth in poor countries in the links below.
Links
- Millennium Development Goal 8: Aid, trade, growth and global partnerships
- How we fight poverty: Stronger economies
- DFID and the World Bank
Official G-20 website
