Development ministers from the Group of Eight (G8) agreed Friday on a series of commitments to increase efficiency in financial aid allocation to developing countries, particularly Africa, in an attempt to tackle the impact of the economic crisis, Xinhua reported.
No concrete financial commitment to developing countries was made. The ministers simply reiterated what had previously been decided at London's G20 meeting in April and at Gleneagles summit in 2005 to reverse the negative economic impact and increase sustainable development in emerging countries.
According to the final communique, the development ministers stressed the need for "a strong, coherent and coordinated response to the economic crisis. The global economic slowdown, adding on the negative effects of energy and food crises, has severely disrupted economic growth worldwide," especially in developing countries.
"We must therefore act in a coordinated manner to prevent the economic crisis from turning into a deeper social crisis with all its possible consequences in terms of political instability and conflicts," the ministers said in the final document.
At the two-day meeting, the ministers agreed to increase " social protection mechanisms and safety nets to address vulnerable population groups who are hardest hit by the crisis" through a more efficient development strategy.
The meeting was attended by ministers from Italy, the current G8 presidency holder, Canada, Britain, France, Germany, Japan, Russia and the United States, as well as ministers from developing countries, namely China, India, Brazil,
South Africa, Mexico and Egypt, and representatives from international organizations.