Oxfam: Delaying G8 aid delivery until 2010 will leave a $100 billion black hole and see 55 million children die from poverty

A G8 deal which delivers an aid boost but not until 2010 would leave almost a $100 billion black hole according to international agency Oxfam.

Figures compiled by the organization also show that such a deal, far from producing the $50 billion needed immediately, would only equate to $2 billion in new money next year and only $16 billion of new money in 5 years time.

The warning comes as officials from each of the G8 countries meet in London to try and hammer out a deal. Recent press reports have suggested the $50bn aid boost would be delivered only by 2010.

"The last thing Africa needs is a fudge,” said Jo Leadbeater, Oxfam's Head of Advocacy. “Delaying the $50bn increase will be responding to today's target five years too late. The black hole that will open up in the intervening period is a massive $100 billion.”

“Every cent of that is money that could have saved the lives of the world's poorest people. 2010 will be 5 years too late for the 55 million children who will die waiting for the world's richest leaders to deliver on their promises," Leadbeater said.

The $50 billion increase in aid is what is needed now to get poor countries on track to meet the Millennium Development Goals. By 2010, the UN estimate is that an extra $100 billion would be needed so by 2010 the $50 billion call will be five years out of date and half what is needed.

According to analysis by Oxfam, delivering a $50 billion increased in 2010 will see a gap of $34 bn in 2006, $27 in the 2007, $19 bn in the 2008, and $11 billion in 2009. A total gap between what is being called for and what is needed of $91bn.

"Any deal delaying aid delivery until 2010 will be more about trumpeting a figure than responding with the required urgency. G8 leaders must keep the bar high and deliver what is needed, an extra $50 billion in aid now – not 5 years down the line. Africa is sick of being promised too little, too late," added Leadbeater.

It would cost G8 governments just $1 a week per person to meet their contribution to $50bn. Governments in G8 countries spend at least 10 times this amount per citizen on annual defense spending.