• : Function ereg() is deprecated in /home/endpoverty/endpoverty.somepulp.com/includes/file.inc on line 647.
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  • : Function ereg() is deprecated in /home/endpoverty/endpoverty.somepulp.com/includes/file.inc on line 647.
  • : Function ereg() is deprecated in /home/endpoverty/endpoverty.somepulp.com/includes/file.inc on line 647.
  • : Function ereg() is deprecated in /home/endpoverty/endpoverty.somepulp.com/includes/file.inc on line 647.
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Finance crisis

The day before the General Assembly’s high-level summit on the economic crisis, the Director of the Millennium Campaign says financial institutions have received ten times more money in bailouts in the past year than poor countries have received in aid in the past 49 years – showing that finding money is a matter of political will, not lack of resources.


June 23, 2009 – The United Nations Millennium Campaign today released an analysis showing that since the inception of aid (overseas development assistance) almost 50 years ago, donor countries have given some $2 trillion in aid. And yet over the past year, $18 trillion has been found globally to bail out banks and other financial institutions. The amount of total aid over the past 49 years represents just eleven percent of the money found for financial institutions in one year.


UN MILLENNIUM CAMPAIGN CALLS FOR $300 BILLION BAILOUT OF WORLD’S POOR AT INTERNATIONAL ECONOMIC SUMMIT THIS SATURDAY

G-8 nations must compensate $300 billion loss in GDP faced by the world’s poorer nations as the result of financial crisis they had no role in causing
The United Nations Millennium Campaign is today calling for world leaders gathering at President Bush’s economic summit in Washington this Saturday to allocate $300 billion in additional aid and debt relief to the world’s poorer countries, to make up for the GDP they are forecast to lose as a result of the global financial crisis over the next two years.

The International Labor Organization estimates that an additional 20 million people will be unemployed before the end of 2009 and the number of people living in extreme poverty may increase by 40 million. Increased food prices cost poorer economies $324 billion last year. Added to this, if a deep recession takes hold, developing economies will be further hit by significant trade contraction and loss in remittance incomes.