Date Published: 3 April 2009
UNICEF UK welcomes G20 announcement
UNICEF UK has welcomed the G20’s announcement that it will provide $50 billion to support social protection, boost trade and safeguard development in low income countries.
With the financial crisis already forcing millions families and their children into extreme poverty, decisive action at the G20 summit was urgently needed.
"The financial crisis is a matter of life and death for millions of children," said David Bull, UNICEF UK’s Executive Director. "Without urgent action, the global economic crisis will condemn 46 million more people to severe poverty and increase child mortality."
"It’s now up to the G20 countries to deliver on their commitments to help the poorest children in the world," David continued. "At a time when families need more help than ever, developing countries must be given the resources to respond as their national income plummets."
A new report by the New Economics Foundation (NEF) for UNICEF UK has proposed that G20 governments release asset-linked bonds to finance social protection for children in developing countries. The proposal would see the bonds being guaranteed by the IMF through the extra release of money proposed in the G20 communiqué.
"These bonds would offer a new finance stream which could be adopted straight away and is attractive because it does not create an immediate cost to already indebted governments," David commented.
Source: UNICEF Main Website.
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