Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-11-15-Speech-2-277"
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"en.20051115.27.2-277"2
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".
Madam President, ladies and gentlemen, it is perfectly clear that there must be a substantial increase in financial resources for development if the Millennium Goals are to be achieved by 2015.
As you are aware, the EU takes a serious approach to the challenges related to mobilising the budgetary funds required to reduce poverty by half by 2015. The EU accordingly set itself a first interim objective in 2002 of increasing development assistance in 2006. The Union as a whole would like to achieve a level of aid corresponding to 0.39% of GNP for official development assistance.
Last May, the Council adopted proposals to begin a new phase with the aim of jointly reaching a level of 0.56% by 2010, and subsequently 0.7% of GNP by 2015. I realise that these objectives are ambitious, but they are also realistic and have not been set by chance. I welcome the fact that four of our Member States have already achieved that level of aid, and that six others have indicated that they are seeking to achieve it by 2015.
There is a more precise definition of the term ‘official development assistance’, established by the Organisation for Economic Cooperation and Development (OECD) and recognised worldwide, according to which debt relief is deemed to be development assistance. This is justified by the fact that debt relief releases funds for the purpose of helping poor countries develop that had previously been channelled into servicing that debt.
Since the Monterrey Conference on financing for development, there has been an increase in the flow of aid from the EU aimed at reaching the 2006 interim objective. A sizeable proportion of that increase is due to debt relief measures.
According to the Monterrey Consensus, however, the debt relief initiative for highly indebted poor countries should, and I quote, ‘be fully financed through additional resources’. Accordingly, the Commission indicated in its 2005 annual follow-up report on the Union’s Monterrey undertakings that the impact of debt relief efforts on aid flows must be examined carefully. We shall of course be keeping a watchful eye on this matter in future annual follow-up reports. In this connection, I would point out that the EU is committed to mobilising around EUR 66 billion annually from 2010, which amounts to EUR 20 billion more than the figure set for 2006. In light of the amounts of assistance envisaged, the impact of debt relief on official development assistance will be limited in the short to medium term."@en1
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