IMF's Rato chides G8 for failed aid pledges

    International Monetary Fund Head Rodrigo Rato criticized the Group of Eight industrial nations for failing to honor agreements made at the 2005 Gleneagles summit to double aid to poor countries by 2010 and promote a global trade deal under the Doha Round. “So far, we have not seen much of this promised higher aid especially in sub-Saharan Africa,” said Rato, who is set to attend the upcoming meeting of G8 finance ministers in Schwielowsee, Germany. “This higher aid needs to be disbursed in a more predictable way and harmonized across different donors,” he added. While the G8 has kept its promise to cancel debts and allot more funding for education and the global fight against HIV/AIDS, development aid to poor nations, according to Organization for Economic Cooperation and Development figures, fell from $106 billion in 2005 to $103.9 billion in 2006. (Source: IMF chief slams rich nations over aid promises/Reuters)

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