africa

In 2005 the International Monetary Fund (IMF) introduced the Policy Support Instrument (PSI).

After three days of talking, the Italian G8 Summit 2009 was more about broken promises and photo opportunities, instead of real progress on solving poverty.

Millions of Africans live in extreme poverty, and are now hit hard by the global economic and climate crisis. Sub-Saharan Africa alone is expecting losses of up to $245 billion this year as a result of the global slump, which is almost seven times the amount it receives in global aid.

Over 1.4 million people have been forced to flee their homes so far this year as a result of significant increasing violence in DR Congo, Sudan and Somalia, international agency Oxfam said today, as heads of state gather at the AU Summit in Libya to discuss peace and security across the continent.

As poor countries face the full impact of the economic crisis, European governments are falling short by nearly €40bn (USD$55m) on their aid promises and will not meet their 2010 aid target until 2012, a new report from CONCORD reveals.