Stiglitz & other prominent economists: test of the summit would be how it helped the poorest.

[G_j]

http://news.bbc.co.uk/1/hi/business/7979909.stm

Did it deliver for the world's poorest?

By David Loyn,
BBC international development correspondent, G20 summit

In a letter to the Financial Times ahead of the G20 summit, a group of prominent economists, including the Nobel Prize winner Joseph Stiglitz, said that the main test of the summit would be how it helped the poorest.


So how did it do?

Gordon Brown had been pushing for substantial assistance for the developing world, and said that in the end that was the focus of discussion, not the anticipated argument between Europe and the United States over banking regulation and the scale of fiscal stimulus needed.

What he achieved was a far more substantial package for the developing world than had been expected beforehand.
Of the $250 billion (£170bn) in 'Special Drawing Rights' - essentially short-term debt - $19 billion of that is earmarked for the poorest, least developing countries.

The sale of International Monetary Fund (IMF) gold will also make credit available many times in excess of the capital sum itself, once it goes through the system.

Trade boost

The measure that could make the most difference in the short term for the poorest countries is availability of $250bn of trade credit.
That figure too is larger than was anticipated before the summit. It will enable goods currently rotting on the quayside in Africa to move again.

That was the change that the poorest countries were pushing most.

..more..

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http://www.nytimes.com/2009/04/02/opinion/02kristof.htm...

"..according to World Bank estimates, the global economic crisis will cause an additional 22 children to die per hour, throughout all of 2009.
The World Bank says it’s possible the toll will be twice that: an additional 400,000 child deaths, or an extra child dying every 79 seconds."


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http://www.timesonline.co.uk/tol/life_and_style/health/article5904637.ece

The Times (London) : Downturn could kill 400,000 children, warns
health expert

March 14, 2009 Saturday
Edition 1
BYLINE: Sam Lister
SECTION: NEWS; Pg. 14

Thousands of women and children are dying as a direct consequence of the economic
crisis, which is already derailing efforts to improve maternal care and cut child death
rates, the head of the World Health Organisation (WHO) has warned.

Speaking to The Times after a meeting of world leaders hosted by Gordon Brown
yesterday, Margaret Chan, director-general of the WHO, said risks posed by the credit
crunch to poor nations were already taking hold.

An estimate of between 200,000 and 400,000 additional child deaths a year caused by the
downturn was "entirely credible", she said, calling on world leaders to show solidarity
and "walk the talk" of funding pledges to poorer nations.

"There is no reason why we should doubt that this will happen if we fail to
act," Dr Chan said.

"Because if we do not, more women will suffer or die because of complications arising
from pregnancy and delivery, and more children will die because of lack of food or
immunisation or poor water and sanitation. It is very clear. Past recessions have ample
evidence to demonstrate the fact." Dr Chan, a member of the Taskforce on Innovative
International Financing for Health Systems, which also includes Mr Brown, Robert
Zoellick, president of the World Bank, and eight other world leaders, added that she had
already encountered evidence of worsening funding problems.

..more..

[G_j]

1. sorry to bore ya'll, but I'm kicking this

back to the first page before it dies.. :-(

[Ocracoker16]

3. I am not bored at all

I am pleased to see that the leaders at the G-20 conference appear to have reaffirmed their commitment to the global poor. They have been faithful in the past, but one might worry that ecopnomic issues in their countries might take center stage in their discussions and prevent them from talking about very poor countries.

[slipslidingaway]

2. knr thanks n/t

[ljm2002]

4. Good to hear...

...thanks for posting!