G8 summit ends with 20-billion-dollar aid promise
- Source: Xinhua
- [08:51 July 11 2009]
- Comments
Leaders or representatives from the G8 industrialized countries, other invited countries and world organizations attend the Working Session on Food Security in L'Aquila, Italy, July 10, 2009, the last day of the 2009 G8 summit and its related meetings. (Xinhua/Zeng Yi)
World leaders at the Group of Eight (G8) summit ended their three-day gathering Friday with a promise to mobilize 20 billion US dollars to help fight world hunger but made little progress on climate change.
"Working with the G8, African and European countries and multinational bodies, we had the satisfaction of increasing the 15 billion to 20 billion dollars over thee years," Italian Prime Minister Silvio Berlusconi told a press conference after hosting the summit in this central Italian city.
It had been expected that the world leaders would commit 15 billion US dollars to help poor countries promote sustainable agriculture development in the fight against hunger, but the final amount was five billion US dollars more.
"We welcome the commitments made by countries represented at L'Aquila toward a goal of mobilizing 20 billion dollars over three years through this coordinated, comprehensive strategy focused on sustainable agriculture development, while keeping a strong commitment to ensure adequate emergency food aid assistance," the leaders said in a statement.
The impact of the economic crisis on the African continent and food security were the main items on the agenda for the final day of the summit.
The gathering brought together 40 delegations representing almost 90 percent of the world economy, including the G8 industrialized countries and five emerging economies, and numerous international organizations.
Before turning their attention to Africa, the G8 leaders had focused on the economic crisis and the global fight against climate change.
Listing the achievements of the summit, US President Barack Obama said the G8 leaders agreed on the need for collective action and more stimuli to sustain an economic recovery.
"Full recovery is still a ways off. It would be premature to begin winding down our stimulus plans," Obama said.
The G8 leaders on the first day of the summit discussed the world economy and the extraordinary measures taken to counter the global recession .
Hard hit by the financial crisis, the global economy plunged into the worst recession since World War II, prompting world governments to pump massive amounts of money into their stimulus measures.
While noting signs of stabilization and improved confidence, the G8 leaders acknowledged that significant risks remain to economic and financial stability.
They agreed policy action to support the world economy and repair the financial system will continue as long as needed to ensure sustainable and long-lasting growth.