G8 L'Aquila Responsible Leadership for a Sustainable Future: Statement

Sectors : Aid volume, Debt relief, Financial Institutions, markets, services and microfinance, Quality of aid, Transparency and accountability
Organisation : G8
Date made: 
2009
Level: 
Heads Of State
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Commitments in: Financing for Development - Aid volume

“100. We reconfirm our resolve to implement the Monterrey Consensus and the Doha Declaration on Financing for Development. In particular, despite the severe impact of the crisis on our economies, we reiterate the importance of fulfilling our commitments to increase aid made at Gleneagles, and reaffirmed at Heiligendamm and Toyako. For Africa, this will include increasing, together with other donors ODA by US$ 25 billion a year by 2010, compared to 2004. The OECD-DAC estimated that the combined commitments of G8 and other donors would increase overall ODA by around $50 billion a year by 2010 compared to 2004. We will continue to provide debt relief according to the Enhanced HIPC initiative, the Multilateral Debt Relief Initiative and the Paris Club’s Evian Approach.

101. At the London Summit we have agreed a substantial increase of resources available through the International Financial Institutions (IFIs) for crisis support and sustaining growth. As G8 we remain firmly committed to the London decisions and their thorough and timely implementation...

102. The financial crisis makes it doubly important that we improve the effectiveness of our aid. We are firmly committed to implement the Paris Declaration and the Accra Agenda for Action (AAA), to ensure development effectiveness. Building on the results of the 2008 OECD Survey, we will accelerate implementation of our aid effectiveness commitments, with a strong focus on in-country implementation, to be reviewed at the 2011 Fourth High Level Forum on Aid Effectiveness. We stand ready to work with partner countries, non-DAC donors and providers of South-South cooperation to improve development results.” 

Scope: 
Africa

Commitments in: Private Sector development and financial services for the poor - Financial Institutions, markets, services and microfinance

“6. We renew all our commitments towards the poor, especially in Africa. We are determined to undertake measures to mitigate the impact of the crisis on developing countries, and to continue to support their efforts to achieve the Millennium Development Goals.”

Scope: 
International

“8. We strongly reaffirm commitments undertaken at the London Summit to take all necessary steps to support demand, restore growth and maintain financial stability, including strengthening financial regulation and International Financial Institutions (IFIs) and maintaining open markets worldwide. We will continue to implement swiftly these decisions and call on all countries to act decisively to reinforce the international economic and financial system, and to work cooperatively and responsibly with regard to the impact on other countries.”

Scope: 
International

“We, the Leaders of the Group of Eight meeting in L’Aquila...

...108. Building on the Monterrey Consensus, as reaffirmed in the Doha Conference on Financing for Development, we will promote a comprehensive, “whole of country” approach to development. We will ensure stronger synergies across all relevant policies and foster the conditions for all actors in our country system – central and local governments, private sector, philanthropy and civil society – to contribute effectively to partner countries’ development. We will work with partner countries to maximize the impact of investment, trade, debt relief and sustainable debt financing, microfinance, remittances, domestic resources of partner countries, as well as development assistance, with a view to diversifying the mix of available financial resources and gradually reducing aid-dependency... We will also explore the potential of new innovative financing mechanisms, including new forms of voluntary contributions by citizens and corporations.”

Scope: 
International

“f) enhance work with the UN System, International Financial Institutions and other donors, to build partnerships on peace and security...”

Scope: 
Africa