21 October 2004
... BUT WHAT ARE OUR PRIORITIES?
Using two different approaches, the World Bank estimates that, if countries improve their policies and institutions, the additional foreign aid required to reach the Millennium Development Goals by 2015 is between $40-$60 billion a year.
This estimate is consistent with other agencies estimates of the costs of achieving individual goals, such as those for education and health. By itself, this additional aid will not be sufficient to attain the goals, as many countries will have to reform their policies and improve service delivery to make the additional spending effective but at the same time countries like Australia have reduced their level of overseas aid in terms of percentage of GDP.
By contrast the cost to the US of prosecuting the war in Iraq will nave reached $152 billion by the end of 2004, agricultural subsidies to farmers in rich countries total $300 billion annually and a conservative estimate of military spending in developed countries is $500 billion each year.
This estimate is consistent with other agencies estimates of the costs of achieving individual goals, such as those for education and health. By itself, this additional aid will not be sufficient to attain the goals, as many countries will have to reform their policies and improve service delivery to make the additional spending effective but at the same time countries like Australia have reduced their level of overseas aid in terms of percentage of GDP.
By contrast the cost to the US of prosecuting the war in Iraq will nave reached $152 billion by the end of 2004, agricultural subsidies to farmers in rich countries total $300 billion annually and a conservative estimate of military spending in developed countries is $500 billion each year.
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